A software development firm has successfully raised £75,000 through peer-to-business lender Funding Knight.
Red River Software had a number of different products that they wanted to bring to market to help other businesses but were unable to do so due to lack of funds.
Director Simon Pringle revealed that the company had gone to a number of high street banks but found out that they wanted a lot of collateral and this is the moment where Red River turned to alternative finance. After looking at a few different options they finally decided on Funding Knight.
Director, Pringle said:
“It is thanks to FundingKnight that we have been able to make the biggest step-change in our business since we started. We entered the year having hit our growth plans and this, in turn, has enabled us to recruit five further members of staff from our local area in Horsham. Since taking the loan, our turnover has increased by 40 per cent. None of this would have been possible without FundingKnight.
“The FundingKnight website was very clear and easy to use. I thought each step in the process was well laid out and you could see exactly where you were at each stage. When you reached the exciting bit, the auction itself, it was very clear what was happening. I have become a huge fan of Responsive Lending”.
The software development company will use the money raised for business development and will pay it back over a 60 month period. Veridata is a product that that will see the benefits of the £75,000 and Pringle added:
“Veridata, is aimed at the construction and environmental testing industry, launched this year. This resulted in a reseller’s agreement with Landmark, a company backed by The Daily Mail and the UK’s largest player in environmental software”.
Red River Software believe this cash injection will also allow them to create new products and systems for its customer and partners. The company is also confident that it will continue to generate revenue.