Scaleups are missing out on alternative growth financing
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One of Tech North’s Northern Stars 2015 winners, Peak, is gearing up for big push forward after securing a £1 million funding round.
As you’ll know if you’ve watched their Game of Startups video, Peak allows businesses to get smarter with the masses of data they generate. The service brings together internal, customer and financial data spread over multiple cloud services and spreadsheets. This is used to enable better-informed strategy decisions without the need to hire expensive analysts and data scientists.
Already profitable, Peak will use the money to expand its teams in Manchester and India, including a big push on the sales and marketing side. To date, all Peak’s clients, including Astra Zeneca, Morrisons and The Economist magazine, have been acquired through its network and word of mouth.
It’s promising, then, to see the company’s growth without a marketing push. In the first half of the last year, Peak generated £60,000 in revenue. In the first half of this year, the company’s revenue is already £350,000.
The funding comes from Manchester-based Praetura Capital and a group of investors in London.
Peak’s Richard Potter says that Tech North’s Northern Stars programme has really helped the company grow.
“The Bloomberg pitch event helped us communicate ourselves efficiently and have the confidence to stand up and tell our story,” Potter says. He adds that the trip to SXSW in Austin, Texas was important for broadening his business horizons. “It fuels your global ambition. It makes you realise you’re part of something bigger – it makes you believe you can do it.”
And the opportunities that opened up as a Northern Stars winner directly resulted in funding for Peak. Potter says that he met investors for this round at the Bloomberg event and at TechCrunch Disrupt London. And that’s just the start. “We’ve met some of the biggest VCs in London and the world and they’re now tracking us.”
Peak’s only just getting started. You can find out more about their story so far in our video.
The Northern Stars 2016 competition launches soon. Register your interest if you want to get your startup involved.
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