favorit Ltd Secures $700k in Additional Funding

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favorit Ltd announced today that it has raised nearly £500,000 in funding, £125,000 from the Finance South East fund and the rest from angel investors.

We're extremely happy to have secured investment from our angel investors and Finance South East, with follow on from our initial angel investor, David Richmond. This funding round provides us with a fantastic opportunity to take the company out to a large global audience. 2009 is going to be a brilliant year for us, both as a team and as a company.

favorit Ltd announced today that it has raised nearly £500,000 in funding, £125,000 from the Finance South East fund and the rest from angel investors.

The funds will be used to expand favorit's development team and also hire a dedicated marketing and sales force.

Created in October 2007 with an initial angel funding round, CEO and founder of favorit Nick Halstead launched the first product, fav.or.it, on June 17, 2008.

fav.or.it is an innovative platform which aggregates content from thousands of blogs and websites online and streams them into fav.or.it's vertical network channels. fav.or.it is the only technology platform that gives its users the unique experience of interacting and commenting on blogs from one web space, as it can push and pull comments from blog posts on all major blogging platforms.

In 2009 favorit will be specifically targeting businesses that want to expand their digital presence by enabling them to engage with their customers and find out what they are saying about their products. Using its signature "push comment technology", favorit can build customized portals for companies and brands that will open up access to these conversations across thousands of blogs. This will centralize and simplify the blogosphere for the many companies who are still new to the social media space.

Nick Halstead and the favorit team are delighted with the closing of their second round of investment. As Halstead said, "We're extremely happy to have secured investment from our angel investors and Finance South East, with follow on from our initial angel investor, David Richmond. This funding round provides us with a fantastic opportunity to take the company out to a large global audience. 2009 is going to be a brilliant year for us, both as a team and as a company."

Notes to editors

About favorit Ltd

Founded in 2007, favorit Ltd is an independent developer of social media websites. The company enables better conversations through integration with the major blogging platforms and creating more interesting user experiences through user generated channels. More information can be found at: fav.or.it

For more information please contact
Nick Halstead
Favorit Ltd
Building L033,
London Road,
Reading,
RG1 5AQ

0845 643 0673

The South East Seed Fund
This £5m equity fund invests between £100,000 and £250,000 on a 'matched-funding' basis in small and medium-sized enterprises based in the South East, which may include university spin-outs.

For more information on the South East Seed Fund please contact Julie Silvester on 01276 608521 or email julie.silvester(at)financesoutheast.com.

About Finance South East
Finance South East is a not-for-profit organisation working with partners from both the private and public sectors to deliver a unique funding service to high growth companies operating across the South East. The organisation helps ambitious companies to grow through direct investment and associated support.

Finance South East's specialist range of products and services include advice on funding strategy, introductions to funding sources, fund management, mentoring and investor networks.

Finance South East has already helped companies in the region raise in excess of £20million.

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Nick Halstead
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