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Online retailer PointOV, tipped to be the ethical version of Amazon, has received £800,000 in a funding round led by the NorthStar Equity Investors (NSEI) Co-Investment Fund.

The round comprises £500,000 from NSEI and £300,000 from business angels. It is the second time in nine months that NSEI has invested in PointOV, after backing the firm with £200,000 in June 2006.

During NSEI’s first investment, PointOV had just started to develop its Website. Less than a year on, the firm has doubled its staff to 14 from seven and generates a £1 million turnover. This second round of funding will boost growth, with the company aiming to make a £3 million turnover, employ a further 16 people, and expand its premises by next year.

PointOV director Vic Morgan says: “In a couple of years we could be in a position for a public share sale, just like Cafédirect and Body Shop have done. They encouraged their core customers to be more active in their support by buying shares.”

Newcastle-based PointOV was founded in 2004. It sells some 1,500 eco-friendly and fair trade products, from tea and chocolate to books, solar panels and iPod chargers.

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