Tech firm to create 20 jobs after smashing fundraising target

Early-stage technology business Synapse has raised more than £1.2m to fund its growth plans, having initially targeted just one-quarter of that amount.

The business, which employs 30 people at Innovation Birmingham, was founded by Brian Donnelly in 2013. He previously created a tech business, SQL Group, which raised $35m throughout the 1990s and became Constellar before it was sold to IBM in 2000.

“This fundraising round, managed by Shadow Foundr, has been four times as successful as we anticipated,” said Donnelly. “The technology never fails to impress would-be investors and delivers a quick to deploy solution that is helping businesses to make strategic decisions, more quickly and with more accuracy.”

Synapse has developed a model which re-engineers spreadsheets, allowing large companies to use their existing financial reporting systems, whilst automating report production, reducing operational costs, and improving data quality.

The business plans to create 20 jobs this year and invest in the development of a statutory accounts solution.

Once developed, this would give companies the ability to generate their accounts in-house from source data held by their financial system and to file them directly with Companies House. This has the potential to save businesses thousands of pounds every year in professional fees.

Its pitch information set the target of 150 customers and £3-4m revenues from its Software as a Service (SaaS) model over the next three years as part of its exit plans.

Synapse has raised the money through investment platform Shadow Foundr and Birmingham advisers Central Business Finance.

Alison Bradley, managing director of Central Business Finance, said: “Achieving this funding package is a significant win for Synapse and the Midlands in general, providing the region with additional employment opportunities, a stronger economic output and confirming that the West Midlands is a thriving, progressive area to live and work.”

Dr Steve Walker, chief executive of ART Business Loans, which supported Synapse as a start-up, added: “They are exactly the kind of success story Birmingham needs, developing innovative technological solutions that help real-life businesses to compete and thrive in these challenging times. We firmly believe the company has an impressive future ahead of it.”