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Time is not on your side as a startup, but 2iC-Care were able to turn tight timelines into an opportunity thanks to SeedLegals. The company closed a £990k round in 62 days, saving thousands in legal fees and positioning itself for future success.
The elevator pitch 🚀
2iC-Care is a software company providing a world class, groundbreaking software platform to institutional care providers to monitor elderly and vulnerable people so they can live independently for longer in their own home.
The company was born out of its founder and CEO Rickard Keyse’s frustration trying to remotely assist his elderly mother as she faced the challenges of living in her own home. 2iC-Care was formed in 2020 to address these challenges.
The challenge: Waiting to launch ⌛
2iC-Care had initially raised a Pre-Seed round through SeedLegals to develop their Proof of Concept.
With months of market analysis, a world beating Internet of Things platform, and a highly experienced software delivery team, 2iC-Care was extremely well positioned. Having performed demonstrations to a number of eminent care sector experts, the acclaim was overwhelming. Richard knew they were 2iC-Care was on the right strategy.
“Startups are all about speed, Time is not their friend,” says Richard. “The longer you take, the more money you burn and the more money you need. We were confident in our product and the business we’d lined up, so we moved quickly to strengthen our financial position and prepare for rapid growth once the chip shortage was addressed.”
Having been impressed when using SeedLegals for 2iC-Care’s first round of funding, Richard was happy to rely on our service again.
“SeedLegals was amazing at accelerating our earlier funding round. It was a no-brainer to use them again.”
How SeedLegals helped 🌱
1. Speed
We know how much time and energy it takes to raise a round of funding, so we’ve optimised the SeedLegals platform to save you as much time as possible.
“SeedLegals really helped speed things along,” says Richard. “We generated all the forms we needed so quickly and easily. Sometimes it was so quick, it was mind-boggling!”
With all that time saved, Richard and his team were able to quickly turn their focus back to growing the business.
“Often you need to chase people in the legal profession, which is really difficult. Compared to using lawyers, I think we saved a lot of time.”
2ic-care also included the Instant Investment provision in their funding round, allowing further investors to top up with ease, providing flexibility and speeding up the close process. There’s no need to wait for investors who may have delays in liquidity - simply top up the round when ready.
2. Ease of setting up EIS tax relief
Investors can save a lot of money funding businesses registered for EIS or SEIS tax relief schemes, and SeedLegals have a wealth of experience to help.
“SeedLegals have done so many EIS and SEIS investment rounds in the UK, it felt like a safe pair of hands,” says Richard. “And it meant we didn’t get pushback from investors we might have otherwise got.”
Using a tax relief scheme like EIS or SEIS is simple with SeedLegals. SeedLegals now supports a fifth of all Advanced Assurance applications, with a 99% success rate due to our expertise.
3. Reducing the amount of back-and-forth
Raising investment usually involves some degree of negotiation, particularly in the closing stages when details are finalised. Reducing this back-and-forth can speed things up and reduce the pressures on all involved. That’s why we start with templates that have a large number of inputs that align both investor and founder interests and can be used to keep things moving along.
“The fact that SeedLegals had ready-to-go templates made life so much easier,” says Richard. “It reduced the temptation for investors to change minor things, which was unexpected but helpful.”
When it comes to larger funding rounds, investors often have more custom demands that work perfectly with our investor-specific provisions – or our specialist team of experts who can help with drafting exactly what’s needed – as well as using our extensive data to support what are really standard and non-standard requests.
“I know that SeedLegals aren’t so template-oriented for larger rounds, which is reassuring to know for when we raise again.”
The impact: Ready to hit big targets 🎯
With the necessary funds in place, the team at 2iC-Care are already taking strides to hit some ambitious targets while they get ready to launch.
“We’ve got a big year,” says Richard. “We’re launching. We have targets to hit. And we closed this round of funding so fast that we’re way ahead of where we thought we’d be in terms of preparation.”
Richard and his team are using some of the funding to expand their team and fast-track their goal of improving the lives of vulnerable people.
“We want local authorities to offer a service that’s focused around the user. And we want to show device manufacturers that we can integrate more device types enabling more people with different conditions to be looked after. So we’re already looking to hire many more staff across the sales and operations teams.”
Thanks to quick-thinking and decisive leadership, 2iC-Care was able to turn the challenge of a computer chip shortage into an opportunity to position their business for future success.
“You’ve got to be brave,” says Richard. “You’ve got to make decisions quickly and go for it.”
And with the help of SeedLegals, they did it faster and more easily than elsewhere.
Check out their website here 👉 2iC-Care
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