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 and EIS funding] has not only provided financial resources but also credibility” says Sadra Hosseini, Founder of Ryft
We spoke with Sadra to learn more about how payment platform Ryft 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 and EIS funding have been crucial to our startup’s development. These schemes have provided significant tax reliefs to our investors, making it more attractive for them to invest in our early-stage business.”
“This support has enabled us to attract a broader range of investors, ensuring that we had the necessary capital to bring our innovative payment solutions to market and scale rapidly.”
“The funding has not only provided financial resources but also credibility, helping us to gain the trust of additional investors and partners.”
How much did you raise and from who?
“We successfully raised £1.7m from a mix of angel investors and venture capital funds, most notably from Startup Funding Club, Pareto20 and Redbus.”
“This diverse investor base included experienced angels who provided not only capital but also valuable mentorship and industry insights. Additionally, the support from SFC gave us access to a broader network and further growth opportunities.”
What has SEIS/EIS investment enabled you to do?
“The SEIS/EIS investment has enabled us to accelerate our product development, hire key talent, and expand our market reach.”
“Specifically, we used the funds to enhance our payment processing platform’s features, focusing on compliance, security, and scalability.”
“This investment also allowed us to invest in marketing and sales efforts, significantly increasing our customer base. Moreover, it provided the financial stability needed to focus on long-term strategic goals, such as entering new markets and developing additional product offerings.”
How are you changing the world?
“At Ryft, we are revolutionizing the payment space by decentralizing payment processing, empowering digital platforms and marketplaces to become their own payment processors.”
“This innovation reduces dependency on traditional payment giants and offers businesses more control, lower costs, and enhanced security. Our mission is to democratize the financial ecosystem, making advanced payment technologies accessible to all businesses, regardless of size or location. By doing so, we are not only fostering innovation but also contributing to a more inclusive and efficient global economy.”
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. Finally, 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
