Weekly10 wins UK’s largest seed funding competition!Reading Time: 2 minutes
It’s already been a big twelve months for us here at Weekly10; we moved into our home at Wrexham Enterprise Hub, made the regional finals of the prestigious PitchAtPalace, are nominated for a Wales Start-Up award and now, we have won a six-figure investment from a prestigious start-up funding competition.
The Start-Up Series was launched in October 2016 by Startups.co.uk (the UK’s longest running independent online resource for start-ups) and investment promoters Worth Capital and is the largest seed funding competition in the UK. The competition looks to boost the growth of one lucky winner with a six-figure equity seed funding.
On top of the financial reward, winners also benefit from the invaluable business validation from experienced investment promoters, free PR exposure and consultative services. Working alongside co-founders at Worth Capital, Paul Soanes and Matthew Cushen, entrepreneurial winners can benefit from their combined 50 years’ experience in business and investments.
The competition involved an intense three round application process in which detailed submissions, business plans, financial information and marketing activities were scrutinised. Following success in rounds one and two, we were then invited to a half day face-to-face consultation with the Worth Capital team, alongside five other finalists.
The prize money has already been put to good use with the hire of a Senior Software Engineer and Head of People Science – tasked with improving the platform further through research and innovation projects. Further hires in marketing, development and account management are planned alongside a series of marketing activities aimed at helping to build exposure and penetration in a number of foreign and domestic markets.
Andy Roberts, Weekly10 CEO said of the win, “The competition was a great experience for both myself and the team – both Paul and Matthew really bought into what we are doing at Weekly10 and provided us with constructive feedback and direction. Winning the Start-up Series competition ahead of hundreds of other innovative start-ups was also great validation for our young business”
“The investment and backing from Worth has allowed us to rapidly expand our Wrexham based team and puts Weekly10 is a strong position to increase market share globally into 2020”.
Matthew from Worth Capital said “Competition for the award was particularly stiff but we chose Weekly10 for three principle reasons. The first being that the market is highly attractive – large & growing – literally any business for whom people are a source of some advantage, and that is of course most businesses.
“Secondly, unlike their competitors, Andy and the team had made a bold decision to make the process behind the product one where an employee shares their feedback with their line manger as well as being aggregated into company-wide numbers. We happen to think this makes for a more useful product, but as importantly, we like business founders that are willing to innovate rather than simply follow the herd.
“Finally, the early stage product that Andy showed us was already really well thought through, gave a good user experience and was robustly built.
In fact, so impressed by Weekly10 and our plans for growth, Matthew joined the board of Directors following our win.
We look forward to seeing what the next three months (marking a full year since we moved to the Wrexham Enterprise Hub) brings.