This firm, which develops software for online auctions, secured financing of £5m from a group of business angels, which included Mike Harris, a director of Egg, the online financial-services giant.
Lost Wax sells its software to Egg, Orange, Sony and General Motors Online Finance. The company’s sales have grown 80% a year, from £492,000 in 1998 to £1.6m in 2000. Lost Wax also raised £3m from corporate backers in the summer. It expects to treble sales this year, although with big losses.
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