A software and development services company has secured an investment of almost £700,000 from venture capital specialist Midven.

Established in 2010 by Matthew Pearson and Carl Berisford-Murray, Leamington-based Webmoco provides web design and development, mobile application development and software and e-commerce services for clients such as H Samuel, the Royal Horticultural Society and the RSPCA.

The company has also developed a new software platform which aims to improve, analyse and mobilise the reporting process for organisations with multiple layers of management and complex business processes.

Birmingham-based venture capital investor Midven will provide £680,000 from its Exceed fund over three tranches to help the company continue its product development as well as providing further growth capital.

Mr Pearson said: "Though we have made substantial progress in developing the software product, we are now keen to move at a pace which suits our ambitions and this funding is necessary to help us do that.

"The software platform has many benefits improving efficiency and transparency and can be used across all devices and is intended to replace paper-based systems."

Midven investment executive John Slaughter added: "Webmoco has been making excellent progress with the software product and it is now gaining traction.

"It is highly scalable and the target market is significantly large, we are confident they will realise the potential and rapidly grow the business."