Claimer raises $4.2M seed round to help tech companies claim government financing in 10 minutes
Claimer, a fintech startup making it frictionless for companies to claim financial incentives from the government, is announcing that it has raised a $4.2m seed round today.
The round was led by Project A Ventures, with participation from Moonfire Ventures, helloworld.vc and a group of tier one angels that includes Errol Damelin (co-founder, Wonga), Matt Clifford (Chairman, Advanced Research and Invention Agency), Ian Hogarth (ex-CEO, SongKick), Harry Briggs (Partner, OMERS Ventures) and follow-on investors Ben Holmes (ex-Index Ventures) and TrueSight Ventures.
Governments set aside billions in innovation incentives for startups and scaleups globally, but the barriers to accessing them are high. Whether it’s tax credits, grants, or other local tax reliefs, applying for them is difficult. The eligibility criteria and application process is often complex and time-consuming, requiring specialist knowledge that tech companies do not have. Notably, the current more challenging VC market environment is expected to only increase the demand for non-dilutive funding, as startups look to maintain their pace of innovation.
By building accessible government financing infrastructure, Claimer is able to make the experience of claiming innovation incentives 10x easier. By abstracting away the massively inefficient data entry and communication inefficiencies of R&D tax credits and grant applications, customers are instead given more time, more focus, and more money to build their business.
“We’re building Claimer to be the de-facto way for startups and scaleups to claim incentives from the government, starting with R&D tax relief”, said Claimer CEO Adam McCann.
“The R&D claim industry is broken. Claimer’s vision is to accelerate innovation globally by eradicating this opacity and complexity between tech companies who need to claim incentives and governments who want to issue them. This seed funding round enables us to continue to scale in the UK and plan our launch into a second market in the near future”, he added.
To date, the company has filed over 700 claims successfully and is targeting 4.4x year-on-year growth by the end of 2022.
Companies using Claimer’s platform can initiate a claim in as little as 10 minutes, whilst having the peace of mind that applications are accurate and maximised. They are typically claiming for complex R&D projects with benefits ranging from £30k to £2m.
The UK-based startup achieves this by utilising technology to augment human expertise, removing the manual and time-intensive processes that can be faster and more reliably served with software. This enables Claimer’s specialists to put all of their energy and focus into processes that require expert care and attention.
Claimer charges a 5% fee (capped at £10k) of the claimed relief. This is only payable once the claim has been successfully processed, which they have a 100% success rate for: no claims have been rejected or reduced to date.
The R&D claim solution has been used by hundreds of venture scale companies so far, including Otta, Nested, Unmind, and Hubble.
Sam Cash, Partner at Project A said “Research and development is a key driver of economic prosperity and GDP growth. We’re excited to support Claimer in enabling innovative companies to claim R&D relief they’re owed from governments, in a way that is considerably easier and cheaper than current solutions.”
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