‘Startup for startups’ secures elusive pandemic funding
Future Fund boosts investment to £500K for Canaree, a tech platform that helps startups with their financial forecasting and modelling
London UK, June 2020: Tech startups who have accessed Future Fund investment are a rare breed 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, aimed at innovative and high-growth British businesses looking to secure investment to help them through 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 if the loans can’t be repaid. Companies must have funding matched by VC investment.
Canaree is one of just 155 businesses to receive backing from the Future Fund, boosting their private investment from a group of investors led by Little Venice Partners to hit the half million pounds mark.
“The funding will allow us to help more early stage businesses who find themselves in challenging times and need to revise their plans due to the crisis”, 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 – and succeed. The product specifically focuses on scalable business models such as subscription businesses (SaaS), e-commerce and marketplaces. Algorithms analyse numbers and Canaree gives advice based on industry benchmarks. Upcoming features will enable entrepreneurs to 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.”
Notes to editors:
- Canaree was registered in April 2019. The current team and product has been in place since October 2019.
- Canaree was founded by Sara Green Brodersen (CEO), Andre Karihaloo and Dominic Botten, The Chairman is Paul Woodbury.
- The product launched in closed beta May 2020. Open launch scheduled for September 2020.
- Funding: £500K to date. The investment comes from a group of investors including the Future Fund led by Little Venice Partners.