As part of the run up to our 30th Anniversary of EIS Celebration event, we are shining the spotlight on success stories of businesses that have grown using the Enterprise Investment Scheme (EIS) or the Seed Enterprise Investment Scheme (SEIS).
These stories demonstrate why it is so important for us to celebrate and support the schemes so they can continue to boost the UK start up ecosystem.
“SEIS/EIS made it easier for us to attract early-stage investors”, says founder and CEO of 60Seconds, Ivan Kadic
We spoke with Ivan to learn more about how AI-powered personalized pricing prediction tool 60Seconds used both the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme to grow into a success story.
How important has SEIS/EIS funding been to your startup?
“SEIS/EIS funding has been crucial to our startup. It provided the financial foundation we needed to develop and refine our AI algorithms, build a robust data collection infrastructure, and bring our product to market.”
“This funding allowed us to focus on innovation without the immediate pressure of profitability, enabling us to create a truly transformative product in the real estate and retail sectors.”
“The tax incentives associated with SEIS/EIS also made it easier for us to attract early-stage investors, which was vital for our initial growth.”
How much did you raise and from who?
“We have raised over £400,000 to date.”
“Our funding has come from a combination of sources, including angel investors who believe in our vision and the transformative potential of our AI technology, as well as venture capital funds that specialize in early-stage tech startups.”
“This diverse investor base has provided us with not only the necessary capital but also strategic guidance and industry connections that have been invaluable to our growth.”
What has SEIS/EIS investment enabled you to do?
Ivan says that SEIS/EIS investment has enabled them to achieve several key milestones:
- Development: We have developed sophisticated AI algorithms that predict pricing for real estate and retail products with high accuracy.
- Market Entry: The funding has allowed us to enter the market and establish a foothold, providing developers with actionable insights on property pricing.
- Scalability: We have built a scalable platform that can handle large volumes of data and deliver insights in real-time.
- Team Building: We have attracted top talent across various disciplines, from data science to business development, strengthening our team and capabilities.
- Innovation: We continue to innovate and improve our technology, staying ahead of market trends and maintaining our competitive edge.
How are you changing the world?
“We are revolutionizing the real estate and retail industries by bringing clarity and precision to pricing strategies. Our AI-powered platform empowers developers and retailers to make data-driven decisions, optimizing their pricing models and maximizing profitability.”
“By predicting the ideal prices for properties and products, we help businesses stay competitive and responsive to market dynamics. Moreover, our technology democratizes access to advanced pricing insights, leveling the playing field for smaller players in the market.”
“Ultimately, we are driving efficiency and transparency in pricing, which benefits consumers and businesses alike, fostering a more balanced and fair market environment.”
Want to discover more EIS and SEIS success stories like this one?
You can read more stories of how businesses have grown using the schemes here. If you are a founder and would like to share your EIS success story, please contact us here.
Learn more about the 30th Anniversary of the EIS event
