Fintech secures £500k in pre-seed funding round
Manchester-based fintech Lemon has raised £500k in its pre-seed funding round, to support the business through the next stage of development.
Led by SFC Capital, an active early stage venture capital funder, and Pitchdrive, a European fund specialising in pre-seed and seed investment.
In addition to the leading VC investment, Lemon has also received angel investment from ex Partner of Debt Advisory at KPMG, Nick Dodd and Kimberley Waldron, Co-Founder of fintech communications agency, SkyParlour, who both join the Lemon advisory board.
Lemon is a tech platform that allows businesses to discover, finance, and control their Software as a Service applications, which it says even small companies can spend over £30,000 a year on SaaS software subscriptions.
Following the successful raise, Lemon will now hone in on product development, assisted by the appointment of new Chief Technical Officer, Matt Parke, and soon a new Content & Community manager.
Speaking on behalf of the lead investor from SFC Capital, Ed Stevenson, Investment Executive, said: “We are really excited to be backing Lemon in their pre-seed round. SaaS is a huge spend for many businesses so being able to reduce costs, centralise management and easily spot inefficiencies is hugely valuable. We believe that Lemon can scale into a dominant product with their vision to introduce instant credit, payments, discoverability and analytics. We are glad to be part of the journey with Matt and the team.”
Co-Founder and CEO of Lemon Matt Bird commented: “It’s clear that we’re going through a really interesting period for SMBs at the moment,. Taking into consideration the challenging economic landscape with funding drying up everywhere you turn, SMBs now need the tools and services to help them build better businesses as cost-efficiently as possible. With software being the third largest spend for an SMB, we really think Lemon can become a core part of how an SMB uses SaaS.
“We’re really excited to be backed by two fantastic investment teams at SFC Capital and Pitchdrive, who not only believe in our vision and the future we want to build, but bring a wealth of knowledge alongside the funding we need to continue building Lemon and ultimately support as many SMBs globally with their growth trajectory too. There’s a long road ahead, but we’re really excited to be on this journey with our new investors.”
