Raising funds as a tech entrepreneur

seeking funding to grow their business and stresses the importance of understanding the options that are available.for the first time can feel daunting. For many, securing finance, be it through debt or equity, is completely new and it can be difficult to understand the options, let alone make a call about which is best for your business and its needs.

Although the review states that it is difficult for female founders to find the right support in accessing finance, it’s important to know that there are a plethora of organisations and networks working cohesively to advise female founders. One such example is The Knowledge Transfer Network. Part of Innovate UK, they are actively working to support female business owners through its Women in Innovation programme.

Whilst it’s advisable to tap into any networks or organisations, the first point of call should be to gain an understanding of the different types of finance and which situations they are best suited for. This will help you make your own financial decisions and provide clarity on what you should be seeking.This type of funding works in the same way as debt in everyday life – if you want something immediately but don’t have the required funds, you can take out a loan and pay it back later.

A good example of this is YourZooki, a premium liquid supplements brand our Debt team at GC Business Finance has worked with recently. The firm took out a £150k loan in February this year in order to invest in a new warehouse and create four new jobs. This was followed up with a second £150k loan in June, after the company had doubled its turnover in just four months, which has allowed it to increase its stock levels to cope with unprecedented customer demand.

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