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.
Swoop solves the funding problem for accounting firm
Gravitate Accounting used to dread clients asking about funding. Now they see it as an opportunity to delight business owners
Sam Newton, Founder at Gravitate Accounting, says that the Sheffield firm prides itself on being “hands on” with the 200 plus clients on their books:
“We’re a three-year-old, up-and-coming digital accountancy practice. We don’t just do a set of accounts. We’re in contact with our clients monthly, producing KPI reports, management accounts and so forth. At some point, every business will have a need for cash.”
In the past, being asked to find funding had presented Sam and his colleagues with a dilemma:
“As a smallish firm, we didn’t have the resources to research funding in-house. We would have to speak to their bank or other funders and try to find them a good deal, but how does that work? Do you charge the client an hourly rate? And can you charge them at all if you don’t find something suitable?”
All that changed when Sam found Swoop, which uses clever matching technology to scour the market and highlight options that meet the needs of cash hungry businesses. Sam says the change has been dramatic:
“Now we just upload all the information onto a portal that Swoop provides, giving them all they need to approach various lenders. With their in-house knowledge, Swoop can target specific lenders and come back with deals for our clients.”
Swoop can handle all kinds of funding from simple credit cards to complex commercial mortgages – and plenty of little-known specialist products from niche lenders along the way. Accountants can also use the platform to find grants that their clients may be eligible for and reach out to a network of VCs for potential investors.
Sam says that when his clients ask about funding, it’s no longer a problem as Gravitate Accounting now has the right tools to help:
“With Swoop, we’ve got a really good solution in place where we can get some pretty quick answers. We’ve got a good enough relationship and trust in the guys at Swoop for them to run the conversation and do the best for our clients.”
If you are an advisor, click here to find out more about how Swoop for Advisors can help you meet the funding needs of your clients across grants, borrowing and equity: Swoop for Advisors
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.