Claimer, a London-based FinTech that makes it frictionless for companies to claim financial incentives from the government, has raised £3.6m ($4.2m) in seed funding.
The round was led by Project A Ventures, with participation from Moonfire Ventures and helloworld.vc.
A group of tier one angels has also invested including Errol Damelin (co-founder, Wonga), Matt Clifford (chairman, Advanced Research and Invention Agency), Ian Hogarth (ex-CEO, SongKick), Harry Briggs (partner, OMERS Ventures) and follow-on investors Ben Holmes (ex-Index Ventures) and TrueSight Ventures.
Claimer CEO Adam McCann said: “We’re building Claimer to be the de-facto way for startups and scaleups to claim incentives from the government, starting with R&D tax relief.
Hospitality payments startup looks global after £3m investment
“The R&D claim industry is broken. Claimer’s vision is to accelerate innovation globally by eradicating this opacity and complexity between tech companies who need to claim incentives and governments who want to issue them.
“This seed funding round enables us to continue to scale in the UK and plan our launch into a second market in the near future.”
To date, the company has filed over 700 claims successfully and is targeting 4.4x year-on-year growth by the end of 2022.
Companies using Claimer’s platform can initiate a claim in as little as 10 minutes. They are typically claiming for complex R&D projects with benefits ranging from £30k to £2m.
The UK-based startup achieves this by utilising technology to augment human expertise, removing the manual and time-intensive processes that can be faster and more reliably served with software.
Claimer charges a five per cent fee (capped at £10k) of the claimed relief. This is only payable once the claim has been successfully processed, which they have a 100 per cent success rate for: no claims have been rejected or reduced to date.
The R&D claim solution has been used by hundreds of venture scale companies so far, including Otta, Nested, Unmind, and Hubble.
Sam Cash, partner at Project A said “Research and development is a key driver of economic prosperity and GDP growth. We’re excited to support Claimer in enabling innovative companies to claim R&D relief they’re owed from governments, in a way that is considerably easier and cheaper than current solutions.”