Software start-up Workhorse raises £1m seed round with the help of Wealth Club
Companies still using spreadsheets instead of Order & Inventory Management software are less productive. Addressing this, UK start-up Workhorse has developed affordable, user-friendly, adaptable software to help SMEs digitise and boost efficiency across the entire business – from purchasing, inventory, order fulfilment, billing and customer relationship management, to manufacturing.
The addressable market is estimated at around £1.8bn in the UK alone. To help fund its growth Workhorse has recently closed a £1m seed round from private investors under the Enterprise Investment Scheme (EIS) including £600,000 from Wealth Club, the UK’s largest broker of tax-efficient investments who led the round.
Alex Davies of Wealth Club says: “Whilst there are plenty of decent systems of this kind for larger companies, many smaller companies which are the life blood of the economy are missing out on the efficiencies they can bring. Workhorse provides a credible and affordable solution and has the potential in our view to become a leading player in this market. With its potential for high recurring and sticky revenues, this could prove to be a very attractive investment for our clients.”
Alastair Badman, Founder and CEO of Workhorse, says: “It is great to have the support of Wealth Club investors as well as Dean and Duane. The capital of Wealth Club and our other investors, coupled with the expertise of Dean and Duane puts us in a great position to accelerate the growth of Workhorse to over a 170 customers, delivering $1m Annual Recurring Revenue (ARR) by May 2023.”