Eviivoreceives£3.5millionfundingtodrivegrowth

Eviivo has received a cash injection of £3.5 million through Barclays’ venture debt fund.

The company, which helps small hotels and other accommodation players market themselves online through online travel agencies is using the funding to help it grow.

It also supports them with channel, payment and website management.

The fund was set up in 2015 with £100m as an alternative to equity for funding deals for UK technology companies. It has recently expanded to £200 million.

Venture debt funds typically provide financing as working capital with the Barclays’ initiative lending up to £5 million repayable over three years.

According to a statement, Eviivo has grown by up to 20% year-on-year over the past three years and has expanded from its UK based to also offer its services in the Mediterranean and Europe.