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A Bedford-based developer of a secure document management system for confidential attachments such as contracts and payslips has launched a crowdfunding round on SyndicateRoom.

MyDocSafe, described as an "innovative, cloud-based file storage solution", is looking to raise £150,000 in return for a 20.02 per cent equity stake.

The business said the proceeds will be primarily used for product development and sales. At the time of publishing, more than £87,000 had been raised.

The lead investor in the funding round is David Barron, a chartered accountant who has worked for KPMG for 40 years, including 18 years as a partner in the firm's London office and the last eight years as a consultant. Barron has invested £25,000.

"We have reached a critical inflection point when it comes to data privacy," MyDocSafe said in its pitch on SyndicateRoom.

"On the one hand, consumers are managing more of their lives online than ever before – using cloud services to store their personal information, their finances and their memories - and on the other, they are increasingly conscious of the security trade-offs they have to make for this convenience.

"MyDocSafe is an innovative, cloud-based file storage solution that has been designed to meet this challenge."

Read more here.