‘Startup for startups’ secures pandemic funding
Few tech startups have so far announced access to Future Fund investment – but Canaree, a software platform allowing early stage businesses to understand and improve their future finances, is one of them.
The UK Government’s £500million Future Fund opened in May, to help innovative and high-growth British businesses withstand the pandemic. The Future Fund offers businesses up to £5m ($6.3m) in the form of convertible loan notes which become shares in the businesses at the next funding round. Companies must have funding matched by private investment.
Canaree is one of just 155 businesses to receive backing from the Future Fund so far, boosting their private investment from a group of investors led by Little Venice Partners to hit the half million pounds mark. “The funding allows us to help more early stage businesses who need to revise their plans due to the crisis enabling them to adapt and thrive in challenging times”, comments Sara Green Brodersen, Canaree Co-founder & CEO.
Canaree aims to simplify the world of finance and provide founders with a toolkit to help get their business off the ground, succeed – and continue to thrive. The product specifically focuses on scalable business models such as subscription businesses (SaaS), e-commerce and marketplaces. Algorithms analyse the numbers and Canaree gives tailored advice based on industry benchmarks. Upcoming features will enable entrepreneurs to uniquely compare their budgets with actuals in real time with bank account integrations.
“Some of our immediate plans include a launch of our partnership programme to help more businesses at scale through accelerators, advisory firms and other venture organisations” adds Brodersen. “We expect this will also increase the quality of dealflow for these organisations. We’re taking the first steps in disrupting the old fashioned industry of financial advisory and making it more accessible for entrepreneurs.”
Paul Woodbury, Investor & Chairman of Canaree, adds that Little Venice Partners are “excited to be an early stage investor in what I believe will be a sector transforming business.”