INTERNET company Mondus.com has won £1m of backing after being voted one of the technology stars of the future.

The Oxford-based company, which has been operating since November 1997, won the £1m finance from venture capital company 3i in the 3i Technology Catapult competition run in association with The Sunday Times.

The company aims to use the £1m to expand its service, creating an Internet-based network of business people from around the world communicating and trading with one another.

The innovative company is the brainchild of Alexander Straub and Rouzbeh Pirouz, who are both studying for doctorates at Oxford University.

It became a reality when they pooled a team of technically skilled students from the university to create Mondus.com.

The pair are joint chief executives of the company and lead its ten-strong team.

The entire management team is under 26 and all from Oxford University. Several clients in the United States are taking part in a trial of Mondus.com, including Colgate-Palmolive, Hewlett Packard, Boeing, Ford and Toys 'R' Us.

The chairman of the competition's judging panel, David Potter, founder of computer firm Psion, said: "The winners had quality management teams with the ability to take a potentially global product to market."

The competition was designed to search out the technology stars of the future and provide them with the funding they need to develop their businesses.

It does this by backing young science or IT companies which have the potential to be winners with up to £1m equity.

Mondus.com is one of only two winners, each of whom wins £1m.

Ian Lobley, of 3i's Thames Valley office, said: "Mondus.com is a worthy winner of the competition.

"A young, dynamic team has taken advantage of the exploding Internet and developed a sophisticated and flexible product which eliminates the need for time-consuming searches."

Story date: Wednesday 14 April

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