The Isle of Man Government Enterprise Development Scheme (EDS), managed by Spark Impact, is helping a digital island business to expand.

Carrera Digital Limited has been provided with financial support to help expansion plans as they invest in new and exciting technology for the island.

News of the award comes amid controversy last month as it was confirmed only a small part of funds available had been taken up.

Founded in 2014 by local chartered surveyor and estate agent Tim Groves, Carrera Digital Limited, trading under the name of Billboards.im offers digital and static outdoor advertising around the island.

The company, which has just celebrated its third anniversary, has recently installed its newest addition in the centre of Strand Street in Douglas.

This full-colour, wall-mounted digital out of home advertising billboard is the first of its kind in the island and itis estimated an average of 600,000 people will walk by each month.

The new addition is complemented by three other digital advertising screens at the entrances to Marks & Spencer, opposite Starbucks in Victoria Street, as well as two static billboards on Lord Street and Port Jack.

Ian Rowley, digital media specialist at Billboards.im, said: ‘Billboards.im offers high-impact out of home advertising on a robust, digital platform, and we are delighted to receive funding from the EDS.

‘This will enable us to invest in new technology on the island and create even more competitive advertising space for local businesses.

‘We are incredibly grateful to the Department for Enterprise and Spark Impact for the support we have received.’

Chris Walters, investment manager at Spark Impact, said: ‘Since Billboards.im first established three years ago it has thrived, and we were keen to invest in a company so driven and focused.

‘It is hoped our funding will help further establish the business on the island and allow it to continue to grow and develop.

‘The potential of EDS is huge, both to businesses based on or relocating to the Isle of Man, and it is exciting to see that being realised.’

SPARK was appointed in March 2016 by the Isle of Man Government Department for Enterprise (DFE) to run the so-called accelerator and relocator elements of the £50 million EDS.

Last month Business News reported the take-up of investment from the government’s £50m Enterprise Development Fund has not been as great as expected.

Just £3m of the fund had been invested instead of the allocated £10m a year.

Carl Hawker, deputy chief executive and executive director of strategy and policy in the Department for Enterprise, told Business News the whole arena of business investment and attracting new companies to the Isle of Man was under review.

‘It was always designed to support both local and relocating businesses,’ said Mr Hawker.