A Bristol-based software business that is revolutionising the way home improvement firms manage their work has clinched £400,000 in funding, enabling it to create up to seven new jobs in the next six months.
Payaca, based in central Bristol, has developed job management software that is successfully being used by over 260 businesses to manage everything from creating interactive proposals with multiple payment options through to integrations with accounting software.
Seventeen successful local entrepreneurs from the Bristol Private Equity Club (BPEC) have backed Payaca with £212,500. The funding from BPEC has also unlocked £128,000 of further funds from Cambridge-based venture capital firm, SyndicateRoom, with the rest of the round made up of individual investors.
Matt Franklin CEO and Founder of Payaca said: “This funding will help us scale up and take the business to the next level creating jobs for software developers and marketing specialists. At the moment the business is five-strong and we expect to more than double the staff in the next six months.”
Jerry Barnes, founder of the Bristol Private Equity Club, said: “We supported this business with funding 12 months ago and we are delighted to lead this second round to ensure that growth can continue. It means that 19 members have now invested a total of £430,000. Bristol is now well-established as a hotbed of tech ideas that can change the way that people do business in the future.”
Tom Britton, Co-founder of SyndicateRoom said: “Payaca has shown positive early traction with clients looking to bring efficiency to their firms, and has attracted investment from one of the UKs top performing angels and BPEC with whom we are delighted to be co-investing.”
Bristol Private Equity Club has now invested £9.2m into 26 local businesses in the last five years, over £2m of this in the last nine months. The club has grown to 105 members.