Satago founder Steven Renwick talks about the business' recent £4.6m funding round, finding a co-founder - "it's like getting married" - and changing the culture of late payment in our latest podcast.
The business is trying to become an 'all-in-one cashflow solution' that helps businesses not just research credit worthiness and reduce debtor days, but offer invoice financing for small amounts in a flexible way.
The recent investment in the business includes a £3m credit line to finance the loans and an equity investment of £1.6m from ESF Capital , with further potential for additional equity and debt funding.
Satago received investment from Seedcamp and raised money on Seedrs prior to the latest round, and Renwick runs through the benefits of the two funding routes in the podcast.
'When you read guides on getting funding for a startup they often say you should get tens of thousands from friends and family. That's completely unrealistic if your friends and family happen to be normal people,' he said.
The idea for the business was part of his MBA and he researched the market on UK Business Forums.
The business runs on a freemium model, with those that aren't paying still able to chase invoices, use templates, integrate risk data and have debtor reporting.
Let us know what you think in the comments.
The business is trying to become an 'all-in-one cashflow solution' that helps businesses not just research credit worthiness and reduce debtor days, but offer invoice financing for small amounts in a flexible way.
The recent investment in the business includes a £3m credit line to finance the loans and an equity investment of £1.6m from ESF Capital , with further potential for additional equity and debt funding.
Satago received investment from Seedcamp and raised money on Seedrs prior to the latest round, and Renwick runs through the benefits of the two funding routes in the podcast.
'When you read guides on getting funding for a startup they often say you should get tens of thousands from friends and family. That's completely unrealistic if your friends and family happen to be normal people,' he said.
The idea for the business was part of his MBA and he researched the market on UK Business Forums.
The business runs on a freemium model, with those that aren't paying still able to chase invoices, use templates, integrate risk data and have debtor reporting.
Let us know what you think in the comments.
