Europe’s largest online DVD and games rental service, LOVEFiLM, has become the second fastest-growing private technology firm in the UK. The business achieved profitability in 2008 and, in early 2009, signed up its one millionth subscriber. But, with ambitious plans for the future, the business needed funding to invest in new on-demand technologies and to repay an existing venture debt facility.
Having worked with the bank since the business was set up in 2003, LOVEFiLM turned to Lloyds TSB. The bank brought in its specialist Fast Growth Team which worked closely with the business to provide £10.5 million of funding to give LOVEFiLM the right financial foundations for continued growth and success.
LOVEFiLM
"Lloyds TSB has been with us since the start, so the bank has a great understanding of how our business operates and the financial support needed to meet our customers' increasing demand for entertainment. This deal provides us with a solid platform from which to continue to grow and evolve."
Jim Buckle, Chief Financial Officer
LOVEFiLM