Coventry-based drone logistics software business Skyfarer has built its pitching skills with our help, before connecting with investors to secure financial backing.
Skyfarer won a £250,000 Innovate UK grant to develop cutting edge software for the unmanned aerial vehicles sector. In order to commercialise the technology, Skyfarer sought £360,000 worth of seed funding and required support to develop its offering and become investment ready.
Steven Lyons, Senior Innovation and Growth Specialist at Innovate UK EDGE, conducted a full strategic review together with Skyfarer’s leadership to unlock the company’s growth potential fully. It highlighted areas where the current offering could be honed, for example by developing a unique revenue model and how it could be presented to investors.
Applying to Pitchfest to boost investment readiness
Steven suggested that Skyfarer should apply for Innovate UK EDGE Pitchfest as part of its support. Pitchfest selects the most promising innovative small to medium sized businesses on a regional basis across the UK to develop their investment proposition and get investment ready. Having won a place, Skyfarer worked with a pitching and investment expert over 2 days before refining and pitching their proposition to investment professionals for constructive feedback.
The Pitchfest programme provided Skyfarer with a significantly improved pitch deck, encompassing a new business plan and financial projections. With this input, bolstered by its innovation and growth specialist's advice, Skyfarer has already managed to secure £175,000 of its £360,000 target. Steven has now put them forward for UKBAA’s Deal Share platform, which allows members to search for investment opportunities offered by other members and trusted sources.
Wraparound support from Innovate UK EDGE
Skyfarer’s Managing Director, Elliot Parnham said: “Steven Lyons, Senior Innovation and Growth Specialist at Innovate UK EDGE, has supported Skyfarer significantly in preparing for our current seed round of investment. This has included reviews of our detailed business plan and pitch deck. With feedback implemented and support from the Innovate UK Pitchfest programme, we have now been able to put an investment proposition to investors and have received a commitment."
"We have also received extensive support in creating and developing a financial model for the business which has included a deep dive and structuring of our revenue streams as well as our cost structure, forecasted sales and forecasted cash flows."
"Skyfarer is now in a much better place to approach prospective investors and achieve commitment in this round. Steven’s support has also been significantly valuable in road mapping our route to market and early stage revenue.”
