In an exciting period of growth, Adsum was recently mentioned as one of Europe’s “hidden gems” in an article by Sifted highlighting the continent’s self-funded companies that are seeing their business accelerate and are now considering raising VC money.
“Adsum was founded just as the COVID pandemic was starting, and Cofounders Justina Tartilaite (CEO), Benjamin Rodgers (CTO) and Freddie Digby (CCO) ended up working Justina’s basement, pinning up pictures of Jeff Bezos (who notoriously started Amazon from an unheated garage) in order to keep their spirits up.
The company helps startups and SMEs calculate the R&D tax refunds they are owed by the UK tax office and will advance them the cash, saving founders the time and bother of filling out the claims themselves. It takes a small fee for the service.
‘Thanks to the popularity of revenue-based financing from companies such as Wayflier, we’re seeing a huge uptake for our tax-based financing as users start to demand the immediate access to capital that our tech-enabled solutions have to offer.’ Tartilaite told Sifted.
The user base is growing around 15% each month, and 60% of users return. The company made net revenue of more than £1 million in its first year, but now is set to make more than that in a month.
Adsum has avoided taking investment while it was building up and testing the idea, but now that it has proven the business case it is talking to investors about funding to expand and accelerate. The company has recently been approached by specialist investors.”
You can read the full Sifted article here >>
Adsum have helped over 100 companies to claim their R&D, VAT or creative tax relief, totaling up to £25 million in reclaims from HMRC and saving over 4000 hours.
If you are curious to check how much your company is due this R&D season, use our calculator and receive your advance now.
