Securing the deal for venture capital
On Dragon’s Den, our original ask was a million dollars, but we ended up closing a deal for $12 million with Elephant Partners LP in Boston. Elephant also looped in Simon Nixon as an investor who was the founder of MoneySuperMarket (The Ratehub of the UK). MoneySupermarket has now grown into a business whose annual revenue in 2017 was $575 million.
They gave us funding because we had been doing it successfully, for a long time. We had a concrete foundation, and the framing was up for our next story. The additional money would help us button it all up.
That’s the power of bootstrapping and not running to take venture capital at the first opportunity.
We haven’t changed much since funding – discipline still governs our decisions. Because our framework was thorough and strategies were proven, we welcome the added pressure from the board of investors. They make us accountable to them and ourselves. The venture capital funding put into action our new insurance plans with a full team, each with defined roles, and within months, not years.