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.
“The S/EIS scheme has been critical”, says Sabrina del Prete, CEO and Founder of Kore Labs
We spoke with Sabrina to learn more about how her startup used the Enterprise Investment Scheme to grow into a success story.
How important has SEIS/EIS funding been to your startup?
“In a word, very.”
“The S/EIS scheme has been critical in enabling Kore Labs to secure the funding needed to hire top talent, invest in modern technologies and expand into new markets.”
“Beyond financial resources, the initiative has provided our team with access to a network of investors who’ve offered invaluable guidance. And it’s no exaggeration to say that their advice has shaped our strategy, helping to win new clients and engage with partners.”
“From my perspective as a female founder and CEO, S/EIS has broken down barriers in what is traditionally a male-dominated market. Because of this, I have become a passionate advocate for the scheme. I want other entrepreneurs to experience the same benefits. I can’t stress this enough.”
How much did you raise and from who? (angels, a fund etc.)
“We are proud to have raised £7.8 million in S/EIS investment since founding Kore Labs. We’ve also won £800,000 in non-EIS investment, in addition to £2.7m of grants from InnovateUK.”
What has SEIS/EIS investment enabled you to do?
“Thanks to S/EIS investment and all the expertise that came with it, Kore Labs has been able to grow rapidly. We have established a brand-new market for digital product management and are fast becoming the standard in Europe, with the potential for global expansion by 2027.”
“Kore Labs has successfully brought to market KorePRM®, the world’s first SaaS solution for product management with embedded governance for the financial services sector. The funding has also aided the development of WikiKore®, an open-content digital encyclopaedia of financial taxonomy, which has the potential to become a global standard for the industry.”
“Kore Labs gone from strength to strength, winning blue-chip clients such as Lloyds Banking Group, Schroders Personal Wealth and Intesa Sanpaolo to name but a few. And earlier this year Kore Labs was one of six businesses named at Money20/20 in Amsterdam as a start-up that is “poised to transform the world of money”. We attribute much of this success to the support we’ve had from S/EIS.”
How are you changing the world?
“Our purpose is to assist the financial services industry in aligning with its original mission of enhancing the lifestyle of consumers and supporting businesses.”
“We achieve this by going right to the heart of financial firms, into their product engine, where decisions are made every day that can impact customers. Our SaaS platform injects efficiency, transparency and clarity into product management. It liberates professionals from manual processes, offers intelligent insights for decision-making and provides embedded compliance and peace of mind.”
“By creating a platform that allows the industry to focus on delivering the best possible outcomes for clients, we’re instigating change from within. Transformation can be more effective than disruption, and it also creates an inevitable pull towards a simplified product proposition. It’s all about making it easier for consumers, particularly the most vulnerable, to access and evaluate products.”
“In respect of S/EIS, we are changing the world by advocating strongly for the scheme itself.”
“As CEO and founder, I have been an ardent campaigner for the programme, both privately and publicly. A few examples of my efforts include being featured in EISA’s social media posts and marketing material, as well as engaging in one-on-one discussions with investors and entrepreneurs to raise awareness and encourage use of the scheme.”
“I’ve also highlighted the S/EIS scheme in our marketing materials, advised the Rose Review team on S/EIS education and participated in closed-door events such as an HNW investor dinner at Coutts and a Women President Organisation discussion. Additionally, I was invited to join a panel of experts at the NatWest/Mastercard conference and appeared on the public podcast “The Purse”, where I took the opportunity to advocate for the S/EIS scheme.”
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
