Paranimo: “we wouldn’t be where we are today without Swoop”
Swoop’s investor matching helped tech startup Paranimo get to market
For a technology company, taking a product from the idea stage to market can be a long, difficult journey. This can make finding VCs willing to invest challenging, but with the right help, all things are possible.
Matthew Vamplew is Founder at Paranimo, a platform which enables HR and wellbeing companies to increase revenue and improve the mental health of their customers, with a white label therapy platform they can use to match people to the right counsellor. The company has already won £150,000 in funding from Innovate UK, and Vamplew says the funding proved to be essential to provide traction on the journey towards positive cash flow for the business:
“To go from an idea to testing, to a prototype to an MVP to a launch… for us that was too expensive unless we got help. Kerry and Swoop helped us to take that journey and introduced us to the investors we needed to develop our business.”
Vamplew was introduced to Kerry Dwyer, Account Manager at Swoop. In an echo of how Paranimo works, Swoop matched the company with their community of VCs and Angel investors. Vamplew says that winning £150k of Innovate UK grants proved to be vital in securing further investment:
“Winning that funding gave our business a definite seal of approval that helped us with investors. Kerry matched us to Worth Capital, a micro VC that opened the door to us raising a further £150k.”
With the current funding in place, Paranimo has been able to prove that there is a market for their product. Over time, the company has had to refine and pivot on their model and is now in a place where there is a clear route forward towards profitability.
Vamplew says:
“Thanks to Kerry and Swoop, we have been able to buy enough time to test a business model that initially didn’t work. We were then able to make the pivot and get customers and are in the process of going back to the VCs for some top up cash.”
Vamplew also credits Swoop for improving accessibility to funding by raising awareness of the opportunities for SMEs and startups, particularly in the technology space. By knowing the market, Swoop was able to make a number of introductions for Paranimo until the right investors were found. Vamplew says:
“My experience with Kerry and Swoop has been nothing but positive. We wouldn’t have applied for what we got if Kerry hadn’t told us about it and we wouldn’t have secured our capital if we hadn’t worked with Swoop.”
By Swoop
Swoop will be exhibiting at Accountex Summit Manchester on the 19th September 2023 on stand D6.
You can register for a free ticket here.
Breaking barriers: how Swoop empowered Easology to grow their digital accessibility business
There is a huge market for making technology more accessible. Here’s how Swoop connected a solution provider to the funding they needed
Technology has opened opportunities for businesses and institutions to interact with customers digitally. But what about customers who find using technology more of a barrier than a gateway?
In a digital-first world, accessibility is a real problem.
Peter Ashall, CEO and Founder of Easology, says that his company is working hard to solve the problem:
“We started by looking for ways to help profoundly blind people interact with tablets, which is itself a challenge. We are having to use these kinds of devices not just for social activities but also for things like booking a doctor’s appointment, applying for a job or doing a bank transaction. The industry really is much more focused on introducing the next great camera, which is great, but there is this particular problem, which needs solving.”
Peter’s team quickly realised the broader potential to assist individuals facing challenges due to ageing, limited dexterity, or a preference for simpler interfaces. With early support from Samsung, Peter entered a mobile innovation competition hosted by BT, gaining recognition and momentum. This initial success prompted them to seek funding to further develop and scale their product.
Peter approached Swoop to help him raise equity funding for Easology.
Kerry Dwyer, Senior Equity Manager at Swoop connected the startup with angel investors who shared the business’s vision and recognised its social impact, making it an attractive investment opportunity.
Kerry was also able to offer valuable feedback on how to pitch the business optimally, helping Easology refine their messaging and improve their presentation to potential investors
Peter says:
“The interaction with Swoop and Kerry in particular was really good. Kerry is not a pushover, we needed a very constructive dialogue rather than somebody rolling over and saying, Yes, we’ll do everything for you. Kerry really gave lots of tough, clear insights.”
The company raised £350,000 in total, with Swooping helping him to close this round through a number of angel investors. Peter says that Swoop really delivered for him:
“I have no regrets partnering with Swoop. The challenge is that there are so many startups out there who are desperate for money, VCs are having to sift through those who are actually worth investing in. Kerry and the Swoop team did a good job in testing the waters, making the right connections and helping us tell our story in a way that would see us raise the capital we needed.”
Peter Ashall says that his experience has demonstrated the important role Swoop played in helping his startup secure funding and accelerate its growth:
“If you have a business that you want to take to market and a product which meets a real need, that’s what drives you. I’m looking forward to the next steps, the next raise and doing some more work with Swoop as well.”
By Swoop
Swoop will be exhibiting at Accountex Summit Manchester on the 19th September 2023 on stand D6.
You can register for a free ticket here.
5 signs that you lack good financial visibility in your product based business
As a business owner, are you certain that your financial management is effective and efficient enough to make the best strategic decisions? With our 20+ years of experience in finance and operations, follow along as we delve into 5 key indicators and solutions to elevate your financial management.
The Dashboard Dilemma
A lack or absence of a well-structured dashboard is one of the primary indicators of poor financial visibility. Many businesses find the task daunting, considering some data extraction can be complex and time consuming. However, a comprehensive dashboard is essential for visualising and understanding critical financial data, such as revenue, expenses, profit margins, and cash flow.
Pro tip: Investing in a user-friendly dashboard can provide real-time insights into your business's financial health and empower you to make informed decisions.
Spreadsheet Constraints
Whilst spreadsheets can be a handy tool for data organisation, relying solely on building DIY spreadsheets to consolidate financial data can massively hinder growth. Although this may seem like a cost-effective solution initially, it’s prone to errors, lacks automation, and becomes increasingly cumbersome as your business expands.
Pro tip: Adopting dedicated financial management software will save a lot of time, reduce manual errors and provide comprehensive financial visibility tailored to your business's needs.
The measure of Success
Lacking a clear understanding of what to measure is another sign of insufficient financial visibility. Without well-defined Key Performance Indicators (KPIs), it becomes challenging to benchmark your performance, track progress and identify areas for improvement. Each product-based business is unique and determining the appropriate metrics to measure can depend on factors such as industry, target market, and business goals.
Pro tip: Consult industry benchmarks and define KPIs that align with your objectives to gain better financial visibility, which will then help you find what dashboard would work for your business.
Fragmented Financial Insights
If your business needs to access multiple different software for accounting, inventory management, sales tracking, and other functions, it becomes challenging to consolidate the data efficiently. This fragmented approach often leads to inefficiencies, errors, and a lack of holistic insights.
Pro tip: Consider implementing an integrated reporting platform that provides centralised access to all your crucial management data.
Lack of Real Time Insights
If your financial visibility is limited to periodic reports or outdated data, you’re missing out on valuable opportunities to make proactive decisions. Waiting for month-end or quarter-end reports can significantly restrict your ability to respond to emerging trends, identify potential issues and seize growth opportunities. Real-time insights empower you to take immediate action, adjust strategies, and ensure financial stability in a rapidly evolving business landscape.
Pro tip: Explore solutions that offer real-time reporting and analytics to gain a competitive edge.
Do these situations sound familiar? It could be prime time to invest in the recommended tools to ensure efficient data management and visibility - an upfront effort that’s guaranteed to prevent future chaos. Embrace the change and drive business growth!
By Aasiya Azeemali
Kounteq Ltd powering QURK will be exhibiting at the Accountex Summit in Manchester on the 19th of September 2023 at stand no J12.
You can register for a free ticket here.
New bespoke outsourced support to give valuable boost to financial businesses
UK finance businesses and accountancy firms can now benefit from additional award-winning customer service support with a new bespoke service from global outsourced communications provider Moneypenny.
The new service will enable businesses in the finance industry to fully outsource customer care to Moneypenny - using them as an extension of their own teams, without the need for additional fixed overheads.
Outsourcing communications and customer services to a dedicated specialist has been shown to help customer-centric companies by making them up to 60% more profitable[1].
With a remit designed to suit clients’ exact needs, Moneypenny’s new flexible service can be used to respond to inbound queries, proactively engage with enquiries and clients, book appointments, manage social media accounts and oversee reviews platforms as well as handle payments, ID verification and order processing.
Moneypenny can also record activity directly into clients’ lead management and CRM systems to save time and ensure a seamless approach to data management.
Louise Wilson heads the finance sector at Moneypenny, which provides telephone answering and live chat support to hundreds of financial services businesses in the UK. She said: "We know and hear how busy financial businesses are, and how customer care can often be something their in-house teams simply don't have the resource to meet. With client enquiries and customer touchpoints now covering multiple channels including email, phone, social media and live chat, there's more communication than ever before and more opportunities to show empathy and support to existing and prospective clients.
"Our bespoke service allows our experienced and professional to offer bespoke support at an omnichannel level, and provide these businesses with flexible additional resources to suit their needs whilst ensuring customer service is consistently at a high level."
Mark Finlay, Chief Commercial Officer from Moneypenny, said: “Businesses are under pressure like never before. With research showing that brands with superior customer experience bring in five to seven times more revenue than competitors that lag in customer experience[2] it is more important than ever to deliver a consistently high customer experience to valued customers.
“We’ve always been a ‘right-hand man’ to businesses with our call and live chat handling, but this new service sees us going even further. We’re offering flexible and comprehensive support that’s tailored to clients’ specific needs and will ensure they’re delivering a consistently high customer experience to valued customers.”
Moneypenny provides telephone answering and live chat services to hundreds of financial services businesses and is trusted by the UK’s top accounting firms, including five of the top 30.
Established in 2000, Moneypenny is the world's market leader for Telephone Answering, Live Chat, Outsourced Switchboard, and customer contact solutions. More than 21,000 businesses globally benefit from Moneypenny’s mix of extraordinary people and ground-breaking technology.
For more information about how Moneypenny supports the legal sector, visit: https://www.moneypenny.com/uk/accountancy-answering-services/
By Moneypenny
Moneypenny will be exhibiting at Accountex Summit Manchester on the 19th September 2023 on stand H5.
You can register for a free ticket here.
An increase of 45% of business need their funding urgently
Whether it’s to raise funds for business growth, continue expansion plans or simply accommodate cashflow changes, we found there’s been a huge increase in the amount of businesses needing funding right now.
Small businesses usually leave themselves 7 days to find funding. However, in our brand new research, an increase of 45% of businesses need their funding urgently, since just March.
This dash for cash indicates a shift in borrowing behaviour and the need for businesses to get finance urgently to keep their businesses growing healthily.
From soaring inflation and supply chain delays to changes to government lending, there’s a lot impacting your small business clients. The need for funding is most likely a direct result of this changing landscape.
However, the massive spike we’re seeing also indicates that these businesses are struggling to look ahead to spot cashflow risks and the need for supporting finance.
On average, we’ve consistently found that businesses would apply for funding just seven days before they needed it. It seems that this month, businesses need funding on the day they are start applying. A concerning statistic.
Less time available means businesses may have less options, and may have to settle for more expensive loans - that could inevitably put more pressure on their bottom line.
At Capitalise, we question how we can help businesses get ahead of their funding needs and better prepare ahead of time. The answer is their accountants and the tools we have to support you!
Here are some Capitalise tips and tools you can use to help support your clients:
1. Start conversations about cashflow
Your clients are dealing with a lot of unpredictability. But the most urgent cashflow problems and funding needs could be spotted with simple habitual conversations.
Being in control of the numbers is a key part of your value as an advisor, but asking the right meaningful questions really sets you apart.
Dive deep into how your clients are feeling about their business health as well as their future plans. This can keep you in the loop with everything going on in their world. Help reveal funding needs and predict what is needed to bring their plans to life.
If they mention difficulties making payments on time, an inability to hire new key staff or buy new equipment or even an expensive project coming up - it may highlight some roadblocks they’re hitting in terms of cash.
Getting to grips with this early, can help you plan with them the resources they need to keep plans moving forward and business ticking along. Now and in the future.
Top tip: Make funding an agenda point in every meeting.
2. Get insights into your clients cashflow changes
The changing landscape puts pressure on your clients. We know this. But, we also know that it makes your role as their advisor that much more important… but, often difficult.
When spare time is limited, yet proactive and consistent cashflow management is required - it can be a challenge to get the insights you need, ahead of time, every time.
With our Monitor platform you can fast-track your conversations. Get real-time accountancy data, credit insights and companies house information to arm you with a 360 view of your clients’ cashflow, credit profile and funding.