Despite being just 3 years old, Synapse already has 17 customers signed up, including Lloyds Bank and Ikea, and has generated £5m in revenue.
On top of that, the company has taken in around £1.3m of Founder investment and nearly £1m in grants and Research and Development Tax Credits.
Based out of the Innovation Birmingham Campus, Synapse is solving the massive problems associated with corporate management reports.
The company has first-mover-advantage in a market that is estimated by Gartner to be worth more than USD $10Bn.
Their Cloud CFO SaaS (Software as a Service) model allows large companies to use their existing financial reporting systems, whilst automating report production, reducing operational costs, and improving data quality.
Existing customers love the technology and other large names, including the Bank of England, have been in contact with Synapse with the view to adopting it.
The company has made excellent progress in its short life to date, and is targeting 150 customers and £3 - £4m revenues from its SaaS model, over next 3 years, as part of its exit plans.
The team is very credible, having previously built and scaled a worldwide software company (70 Blue Chip Customers, 160 Staff, USD $123m cap value, sold to IBM) headquartered in Silicon Valley.
Prior to Synapse, the team previously raised $51 million equity funding from Tier 1 US investors and they are therefore confident of being able to raise further funds if and when needed, in follow on fund raising rounds.
The company is raising a minimum of £300k, on a pre-money valuation of £3m, to allow it to ramp up its sales efforts and scale the business, in readiness for a trade sale or listing in 3-5 years’ time.
To understand why there has been such interest in Synapse and why big-name companies are attracted to their proposition, please have a look at the 3-minute video above.