$150k+ in non-dilutive capital raised
The Challenge
With a staff of 25, rapid growth and a presence across 5 platforms, REMOJO was a venture-backed cash-guzzling monster of a startup.
To maintain maximum momentum and preserve cashflow, I needed to access every source of funding available.
The UK government had made available Research & Development (R&D) tax relief, which for loss-making companies was paid as a cash credit. I set out to access as much of this funding as possible to maximise the capitalisation of the company and extend our runway.
Challenge
The difficulty with winning these awards was in the detail:
Maintaining rigorous, well-structured financial accounts
Documenting and presenting qualifying R&D costs clearly
Articulating a compelling case for your project's innovation
The key to unlocking the funding was a clear "Technical Narrative": documenting and articulating the specific scientific or technological uncertainties you tried to resolve, then mapping costs and budgets against them.
Below: Screenshot of the Technical Narrative Report
Deliverables
Technical narrative and descriptions of innovative activities
Management accounting
Financial accounting
Grant writing - finished application
Results
We secured over £100,000 (~$139,000) in R&D tax credits from HMRC over two financial years - paid directly as a cheque and cash credit to our business bank account.
The funding was enormously beneficial in extending our runway after the last convertible equity fundraising round and gave REMOJO an additional 2-3 years of support without needing to return to the dilutive capital markets.
R&D Tax Credits
Secured from HMRC
Years of Runway
Additional support gained
Non-Dilutive Funding | ~$150k R&D Grant for REMOJO