Giggabox received funding from First Enterprise – Enterprise Loans through the Community Investment Enterprise Facility (CIEF) and Midlands Engine Investment Fund (MEIF) backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The company, whose client portfolio includes the Ascot and Goodwood festivals, is diversifying and expanding to provide more virtual and hybrid events after seeing opportunities in the online event industry. The funding will be used to purchase additional remote digital production equipment and hire seven new employees to meet the demand for live online conferences, product launches and events.
Paul Musselle, founder and director of Giggabox Ltd, said:
“When the pandemic hit, we moved quickly and used our broadcast and live streaming experience to deliver remotely-produced events that have been exceptionally well-received. Delivering live content requires a host of technical and production skills, and it made complete sense to make use of our Giggabox skill set and scale up for the increased demand we have experienced for virtual and, more recently, hybrid events.
“The funding from First Enterprise – Enterprise Loans has been paramount in making this happen. Without it, I wouldn’t have been able to purchase the additional equipment and employ the new members of staff needed to fulfil contracts.”
Stefan Nycz, business adviser at First Enterprise – Enterprise Loans, commented:
“Paul has a wealth of knowledge and expertise in broadcasting, and it’s been a delight helping him expand Giggabox.
“I’m looking forward to seeing the company power the British Chambers of Commerce’s flagship Global Annual Conference in June and many other sporting and corporate events throughout the year.”
The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
If you’re based in Derby, Leicester, Lincoln, Northampton Nottingham, Milton Keynes or Luton and are interested in a loan to help your business, visit our business loans page and see how we can help you. We provide government-backed finance to businesses across the East Midlands and South East Midlands with lending ranging from £500 to £250,000.