Global interest in £1million fundraiser for world’s first AI-driven Business Advisor®
Runagood®, the world’s first AI Business Advisor® has attracted international interest as it seeks to raise £1m of equity funding in exchange for 20% of the company.
CEO and Founder of Runagood®, Duncan Collins says the London based start-up firm has received enquiries from North America, Australia, Africa and the Middle East.
“The business aims to use the funds to launch its innovative artificial intelligence-based technology and start marketing to Britain’s 5.5 million small businesses, including sole traders via its partner network,” Mr Collins says.
“We need £100K to reach breakeven profit, which will occur by the end of this year. The rest will be spent on: partner support to ensure they achieve volume sales, partner mentoring, software usability, new products (that are being requested by partners) and international expansion for several markets that are already making enquiries.”
The AI-driven software acts as a one-stop shop for business owners – identifying issues around company performance and then offers solutions/actions to improve the business. The powerful automated system also provides a business valuation within minutes as a key benchmark of business health.
Business owners begin by answering 20 key questions about their organisation. This information is then matched against industry data. This lets them know how good they are at acquiring new customers compared with other competitors in the same sector. Productivity, customer retention, efficiency and profitability are also assessed and compared.
Collins, government’s small business performance advisor for 20 years says, “There are no direct competitors as we have the only end-to-end software that fully replaces a business consultant, hence a huge cost reduction, which opens this enormous new market.”
“If you’re a small business there are numerous disorganised sources of advice, ranging from self-employed ‘consultants’ to Google – it does little but confuse business owners.
“It’s a broken market we are entering – and we’re looking to disrupt and democratise business advice,” he says.
Mr Collins has invested £1m of personal finance and eight years into developing this fully automated AI business consultancy and believes the software could save businesses up to 90% on consultancy fees, thus making it affordable by all.
The London based CEO explained, “The best investors will be small crowdfunded amounts from large numbers of accountants and consultants who understand what we do [at Runagood®]. We expect larger amounts of funding will come from a small number of active investors who will join us in director roles either to work internally or develop territories.”
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• Founded in 2010, Runagood.Com Ltd is the world’s first AI Business Advisor® and reducing consultant time and cost by 90%
• Launching nationally in 2019, Runagood® aims to reach all 5.5m very small businesses through 18,000 professional partnerships
• This will fully replace the funding government withdrew from small business support in 2010
T: +44(0)20 8960 7194 | E: ibrar@runagood.com | W: runagood.com | @runagood_ltd