Scale round for Beaconsoft Ltd launched
This new scale round, seeking £300,000, has just launched following a successful closing of a £375,000 round in 2019 and an earlier friends, family and early investor round.
Beacon (from Beaconsoft) is a leader ‘next-generation’ digital marketing analytics and insights platform which is carving out a new global market opportunity. Globally companies spent $238 billion on digital advertising in 2018, however approximately 80% of this online media spend was wasted. Uniquely using independent data rather than data from the ad-channels, Beacon tracks and identifies wasted marketing spend leading to significant improvements in digital media ROI. It is also moving to a place where it can contribute to the ‘clean up’ of $billions in wasted digital marketing spend. This places the company well, in a pivotal and disruptive position to scale the venture and shareholder value.
Why this scale round? Now that the company has achieved a scalable, repeatable sales model and strong product/market fit, this scale round is to prepare the company for a Series A later this year or early 2021. The company is building a strong investor following with a number investing in each round to date. The management team is expanding and the story and success profile is building well with growing revenue and customer base.
The company is moving to internationalise and now has a sales office and early customers in the US.
They are also moving to a SaaS subscription model for scaling delivery and support.
Formed in 2016 to exploit this gap in the Martech market, after seed funded R&D to develop the
MVP, the business launched the commercial product in Q3 2018 to deliver digital campaign
intelligence to improve ROI. Throughout 2019 the company achieved quarter by quarter growth. The
company has also received just over £100k in InnovateUK Grant funding for the development of its
next generation product set, the IP of which has already been filed for patent. The proceeds of this raise will go predominantly into business development, including the appointment of a dedicated Chief Revenue Officer with previous global SaaS growth experience. The remainder of the funds will be used for further IP development against the development roadmap whilst keeping the overheads to a minimum.
Recent Achievements since the last raise have been:
‚Ä¢ Patent-pending IP from successful InnovateUK grant project
‚Ä¢ Revenue low but now increasing quarterly
‚Ä¢ Proven product/market fit with confirmed ‘uniques’
‚Ä¢ Calibrated pricing model
‚Ä¢ Repeatable sales process
‚Ä¢ US presence established, first US customer signed
For further information and to register as an investor here.
To contact the Deal Manager, Dermot Hill call 07866 479636.