Quick TV hopeful of signing lucrative production deal

Jan 8 2009 by Andrew Mernin, The Journal

FLEDGLING technology firm Quick TV has said it is hopeful of signing a potentially-lucrative deal with an international television production firm after receiving more than £300,000 in new funding.

Quick TV – the brainchild of young Newcastle entrepreneur Nick Bell – was set up at the end of last year and aims to harness technology to provide interactive online videos for business clients.

The company, which will launch commercially later this month, has just completed a second major round of funding and now says it has two potential deals on the table, one of which would have a “huge impact” on the business.

The firm has secured £325,000 in new funding – £210,000 of which is from North Star Equity Investors, with the remainder coming from business angels and the company’s management.

It now hopes to complete a deal with an unnamed international television production company which supplies content to the likes of ITV and the BBC, while it is also in initial discussions with a “big online player”.

According to Mr Bell, the contract would see Quick TV create a platform similar to the BBC’s online video application iPlayer but with more advanced capabilities and interactive options for viewers.

He said: “North Star invested in us in the first round and they have come on board again so we are in a very strong cash position.

“We are working with a handful of clients but we have a couple of big deals on the table and we are aiming to turn a profit by the end of the year.”

Nick Bell made almost £1m in the late 90s, aged just 16, when he sold magazine website teenfront.com and he has since launched a string of other online businesses including studentmax.com, snapaJob.com, teen-chat.co.uk and brit-teen.co.uk

He set up Quick TV in partnership with music industry mogul Tod Yeadon, a veteran in the production and licensing of music videos who has worked with a series of major record labels in recent years.

Late last year, Mr Bell embarked on a trade visit to the Web 2.0 Expo in New York as part of Digital Mission 2008 – a competition which saw 21 UK companies selected from around 60 applicants for the chance to attend high-profile meetings with potential US investors.

Quick TV currently has four full time members of staff and 10 freelance developers at its headquarters in Charlotte Square, Newcastle.

The business was set up on the back of £60,000 of investment from NorthStar Equity Investors’ proof of concept fund and a further £850,000 from other investors.

Last year Quick TV also received £55,000 through Business Link and the North East England Investment Centre.