Canaree, a software platform allowing early stage businesses to understand and improve their future finances, is one of the companies to have been funded by the Future Fund.
The company has developed a software platform allowing early stage businesses to understand and improve their future finances, is one of them.
The UK government’s £500m Future Fund is set up to support innovative startups to withstand the pandemic. Ventures can tap into the fund by getting investments in the form of convertible loan notes worth up to £5m. Not only do the fast-growth companies have to demonstrate their ability to scale, but must also have funding matched by private investment.
Canaree is one of just 155 businesses to receive backing from the Future Fund so far, boosting their private investment from a group of investors led by Little Venice Partners to hit the half million pounds mark.
“The funding allows us to help more early stage businesses who need to revise their plans due to the crisis enabling them to adapt and thrive in challenging times,” said Sara Green Brodersen, co-founder and CEO of Canaree.
The startup’s product is set up to focus on scalable business models such as subscription businesses (SaaS), e-commerce and marketplaces. Algorithms analyse the numbers and Canaree gives tailored advice based on industry benchmarks.
Canaree also hinted that a smattering of upcoming features designed to empower entrepreneurs further.
“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.”
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