Synapse re-opens fundraise on back of aggressive growth plans

Having already raised £430k from an initial fundraising target of £300k, Synapse, on the back of the recent announcement about its aggressive growth plans, has decided to re-open its existing fundraise on Shadow Foundr’s platform.

Synapse is looking to raise an additional £500k in working capital, of which £330k has been committed from existing investors, in order to accelerate its growth strategy. The share price will remain the same (£22.84).

With revenues of over £6 million since 2014, Synapse has created, and is selling, a scalable SaaS product, and now has the opportunity to acquire a complementary company which will, effectively, double existing revenues and triple its customer base.

The acquisition is seen as a path to fast growth and could result in Synapse having a total of 60-70 significant subscription customers by the end of FY2018.

The strategy is familiar to Synapse’s CEO and Founder, Brian Donnelly; he 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 more significant way.

The aggressive growth plan is also seen as a precursor to, potentially, a senior round of follow-on funding, needed to propel sales worldwide and it is hoped to pave the way for an eventual exit for the investor.

To learn more about the Synapse opportunity, please click here. You will also be able to watch, in the ‘Live Pitch’ section, the recent webinar in which Brian unveiled Synapse’s plans for growth.

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