Royal Bank Ventures, the technology venture capital arm of the Royal Bank of Scotland, has led the £3.8m (€6m) second round of funding in Stortext, the Scottish virtual document management company.
Other investors were Albany Ventures, BancBoston Capital, Trivest Venture Capital Trust, and Scottish Equity Partners, together with Stortext's founders and management team. Bill Troup, managing director of Royal Bank Ventures, which also led the first round of financing, said: "We believe that Stortext has an exciting future as the digital storage and outsourcing markets experience rapid growth." The new funding will be used for research and development and expansion of Stortext's sales and marketing teams.
