Isle of Man Government’s Enterprise Development Scheme (EDS) has helped a business called E-Sign with further growth and development.

E-Sign, established in the island over the last year, is an electronic signature service providing secure, encrypted document storage facilities with full audit trail and digital signatory ID validation.

It received initial investment from the EDS in January 2017 and the additional funding will help the company continue its growth and create new jobs at its offices on North Quay, Douglas.

E-Sign managing director Tom Taylor said: ’The EDS enabled us to commit to developing a base in the Isle of Man, and we are delighted to receive this follow-on funding which will allow us to further develop our operation here.

’We have enjoyed a strong first year in the island and continue to grow in several markets, including the UK, where we have achieved 300% annual turnover increase for the last three years, and E-Sign is now a UK Government-registered digital strategies specialist.

’We will continue to look for new opportunities on-island and the additional investment from the EDS is a great boost in that respect.

’We would like to thank the Department for Enterprise and its partner SPARK for supporting our ambition and vision for the future of E-Sign.’

In addition to the investment from the EDS, E-Sign is also raising further co-investment from other sources, including a campaign on Crowdcube, the UK’s biggest crowdfunding website, which runs until April 20.

Mark Borzomato, investment director at SPARK, which runs the £50m fund, said: ’We carefully monitor the progress of each business that receives EDS investment and are pleased that E-Sign has flourished since coming to the island.

’E-Sign is another example of how EDS funding can help businesses achieve success.

’Interest in the scheme remains buoyant and we will have news of more deals being finalised in the coming months.

’But it’s not just about the EDS - businesses looking to relocate are understanding and benefiting from the advantages of the Isle of Man as an ideal base from which to operate; from easy access to a network of professional support services, to a reliable and resilient telecom infrastructure, not to mention a highly skilled workforce.’

Laurence Skelly, Minister for Enterprise, said: ’The fact that the island is a superb place to do business is nothing new.

’However, the investment potential of the EDS is enabling the Isle of Man, and all the benefits it can bring to businesses, to reach a wider audience.

’I’d like to thank the island’s business community for making E-Sign, and the other businesses that have relocated following EDS investment, feel so welcome.

’It makes a real difference to any venture considering relocating to the Isle of Man.’

Established by the Department for Enterprise (DFE), the EDS offers flexible funding packages, including loan and equity investments, and is open to businesses at all stages, from start-up to expansion and development.

It invests up to £1 million in businesses on or relocating to the island through a variety of debt and equity investment instruments, and is available across a broad range of sectors.

SPARK Impact Limited (SPARK) was appointed by the DFE to run the Accelerator and Relocator elements of the £50 million EDS.