From growth accelerator to £2.5m and 300% growth
LivingLens has gone through four separate rounds of funding and raised £2.5m in total. The latest, a £1m investment from British Business Bank’s Angel Co Fund, resulted in 300% growth and an increased presence abroad, with 40% of its business now coming from the US alone.
|Type of funding||Venture Capital|
Before this funding round, there were around five of us on the team. We were all doing a bit of everything. That funding allowed us to bring in people with domain expertise in different areas like sales.
We took a government-funded course called Growth Accelerator in 2013, based in London. London is the centre of the universe for equity finance. A specific module called Access to Finance educated us about what equity finance was, and where we could get it. We received £100,000 through a madtech accelerator called Collider.
Their journey to finance
- LivingLens' finance journey started out in 2013 when, armed with a prototype and small proofs of concept, it received £100,000 of seed funding through an accelerator.
- Fast forward six years and LivingLens has been through three more rounds of funding, raising £2.5m as it's moved from Start-up to successful company.
- In early 2017, LivingLens completed its most significant round of funding through The Angel CoFund, a delivery partner of the British Business Bank, raising just over £1m, which enabled it to bring more expertise in-house, and improve its offering in foreign markets.
- LivingLens has grown by 300% as a result, and now nearly 40% of its business comes from the US.
- The team has grown to 17 people [from five in 2015], and has open vacancies for half a dozen positions. That would have been impossible, according to LivingLens, without the people and institutions that believed in its product, its team and the market.
Don't think of finance as a one time thing
As your business develops, so does your need for finance. Different types suit different businesses.
Don't expect a quick fix
The more money you ask for, the longer it takes. It took six to nine months during each round.
Consider financial institutions to finance growth
Financial institutions can be more hands-on, and can provide introductions to distribution partners and clients.
The best bits about our funders
- We grew by 300% and now nearly 40% of our business comes from the US [after a £1m funding round]. That would have been impossible without these people and institutions believing in our product, team and market
- They asked tougher questions and although that might seem scary, it focused our attention on how we run our business and added so much value
- The funding we received allowed us to bring in people with domain expertise in different areas like sales
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