Synapse has recently agreed terms with three overseas investors totalling £600k. The company has now instructed specialist legal counsel to conclude the transactions before Christmas.
Since launching their funding campaign with us, Synapse has made excellent progress. Already, more than £100k has been banked, with a further £100k of pledges visible, but it’s the activity outside of the raise that is most impressive.
By early November, Synapse has amongst other things:
- Agreed terms with A H Knight ( www.ahkgroup.com ) for a major rollout of Cloud CFO to 30 countries.
- Agreed terms with ( int.tobeouterwear.com ) for a major rollout of Cloud CFO to USA and Sweden.
- Put proposals in front of the Bank of England to automate their regulatory reporting that integrates all incoming data from UK Banks.
Based out of the Birmingham Science Park at Aston University, Synapse is solving the enormous problems associated with corporate management reports; and already has 17 customers signed up, including Lloyds Bank and Ikea.
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.
Have a look at this short video to understand why these big-name companies are attracted to the Synapse proposition.
The company has already generated £5m in bootstrapped revenues since inception, had £1.3m of founder monies and loan guarantees, and attracted £900k in grants and R&D returns.
They are enjoying first-mover advantage in a market that is estimated by Gartner to be worth more than USD $10Bn.
The team is highly 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.
They have also previously raised $51 million equity funding from Tier 1 US investors, and are confident they can raise further amounts for Synapse after this round.
With the terms for £600k of foreign investment agreed, Synapse 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.
Click here to learn more about this opportunity.