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EIS approved, what next? How do you find the right investors when looking for less than £250k?

I've launched and established a data and insight tool; to support new business and sales professionals in the UK.

After 5 years of investment in developing the product and sales we have a solid product and over 50 active (paying) customers, including some well known names in the industry. Revenue is projected at circa 150k-200k in 2016.

Funding to date has been through personal investment and helped by my other business, a leading Business Development agency. However, further funding is needed to supportproduct development, marketing and bring in expertise required todrive future growth and achieve objective of 1 million+ sales in 2-3 years.

I've got EIS approval, but initial conversations with fund managers and investors have not progressed, as funding requirement has not been enough to get them excited. It seems 500k is minimum. Whereas personal contacts in my network are falling short of required level of investment.

Any tips on where to find the right investors for up to 250k? Or how to start developing an investor strategy?


4 Replies

Nedko Nedkov
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Nedko Nedkov Entrepreneur
Brandvertisor: Free Ads Management for Startups
Hi Jody,
I know accelerator might not sound serious enough after running business for 5 years.. But for the small % they take they get you inside their networking, sales & scale practices and give you ~100k regular funding.
So consider at least checking Techstars, 500 Startups, YCombinator major leaders in US. And Collider, The Bakery - AdTech/Martech accelerators in London.
https://map.techstars.com/map VCs map
Also you can check on Clarity.fm for advisors, investors or people from Accelerators to ask for your funding needs.

Or just invest some money in PR case studies, trends, publicity and gain clients & investors? That's my strategy to gather our initial clients as we just running our Beta tests :)

Good Luck,
Ned
Jody Osman
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Jody Osman Entrepreneur
Managing Director at Upfront Business Development
Thanks Ned, really useful suggestions. Collider and The Bakery soundparticularlyinteresting, so will reach out to them both to find out more.

We have recently started working with a content agency who can hopefully start to give our profile a bit of a push in the meantime.
Karen Chung
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Karen Chung Entrepreneur
CEO and Founder at Special Learning, Inc.
Have you looked at any of the crowdfunding sites? Here's a good reference:

http://www.moneycrashers.com/equity-crowdfunding-sites-investors-entrepreneurs/
Jody Osman
0
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Jody Osman Entrepreneur
Managing Director at Upfront Business Development
Thanks Karen. I've been looking at CrowdCube, which seems a popular one over here and I've invested in a few co's via this platform.

It would be good to hear about anyone's experience with CrowdCube or any other crowdfunding sites they would recommend?

Also, interested in thoughts as to whether it's better to look for investors (funding) who also bring expertise, or good to keep the two separate?
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