- Funmail, the internet-based email service, has called off its planned IPO following a £6.25 million injection of capital from investment fund Eden Capital.
After the investment Funmail has a £31.25 million valuation, less than a year after launching and within 12 weeks of its service going live. The investment gives Eden a 20 per cent stake in Funmail.
Unlike other free email services, such as Hotmail, Funmail offers surfers a range of personal email addresses that sum up a variety of emotions, moods and occasions, such as firstname.lastname@example.org and @bignose.co.uk.
It has signed more than 45,000 users since launching in May and expects 500,000 users to be registered within 12 months.
One of the founders behind the company is Steve Bowbrick. Bowbrick founded Web Media, the new media company that spectacularly collapsed more than 18 months ago.
However, Funmail says it is keeping open the possibility of an IPO in the future.