Quick facts
Business loan of £75, 000
Business: Software / technology
Location: Horsham
Purpose: To develop and launch new products
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We would not have been able to complete the order without the £100,000 we got from FundingKnight
Alan Sawyer, Managing Director
Luzzo Bespoke
Luzzo Bespoke borrowed £100,000 from Fundingknight to complete a major order
Red River Software
Software development firm, Red River Software, had big ideas for new industry leading products but lacked the funds to develop them.
Red River Software was started in 2008 with a vision to create responsive and user-centred software solutions and were quickly certified as a Microsoft Gold Partner. But in 2014 they hit a wall. Despite a track record of 6 years’ operation they were unable to acquire finance from traditional sources to develop new ideas.
“We went to the High Street banks, but they wanted lots of collateral and it seemed like a difficult process”, explained Director Simon Pringle.
Having heard about peer-to-peer lending, they sought independent advice and as a result selected FundingKnight. The finance subsequently agreed would give them the capacity to develop new products and help them grow the business.
A loan of £75,000 over 60 months enabled them to invest the proper time and effort into their new products. One of these, Veridata, launched the next year. Aimed at the construction and environmental testing industries, it quickly resulted in a reseller’s agreement with Landmark, the UK’s largest player in environmental software.
Simon added: “We entered the year having hit our growth plans and this, in turn, has enabled us to recruit five further members of staff from our local area in Horsham. Since taking the loan, our turnover has increased by 40 per cent. None of this would have been possible without FundingKnight.
“It is thanks to FundingKnight that we have been able to make the biggest step-change in our business since we started… I have become a huge fan of Responsive Lending.”
Veridata also enabled Red River to acquire a prestigious Microsoft Cloud & Enterprise Software Certification in 2015. Red River Software is confident of generating even more products and revenue in the years ahead, enabling Simon and the team to open a new office and further enhance the reputation of the company in the software development industry.