Synapse has made some real inroads on its £900k funding target, with £758k raised to date and some other significant pledges in the offing.
Management is delighted with the funding round thus far and has indicated the company would be happy to over-raise by £100k to take the total funding round to £1m.
Synapse has already generated more than £6m in revenues since 2014 and is now acquiring a complementary SaaS company with 45 Housing Association customers – the result will be a doubling of annual recurring revenue and a tripling of the company’s customer base to 70+.
The strategy is familiar to Brian, who has previously built and scaled a worldwide software company (70 Blue Chip Customers, 160 Staﬀ, sold to IBM) headquartered in Silicon Valley. He has indicated he intends scaling Synapse in a similar but bigger way.
This aggressive growth plan could also unlock the door to a senior round of follow-on funding, needed to propel sales worldwide and prepare for a liquidity event.
To learn more about Synapse, please click here.