UK

[Funding alert] Manchester-based Lemon secures over €580K in Pre-Seed Funding

Apr 18, 2024 | By Startup Rise EU

Manchester-based Lemon, a fintech startup has secures over €580,000 in pre-seed money to help it move forward with its development.

Manchester-based Lemon, a fintech startup has secures over €580,000 in pre-seed money to help it move forward with its development.

This support offers more than just financial gain because the investor team, led by SFC Capital, the most active early-stage venture capital firm in the UK, and Pitchdrive, a European fund that specialises in pre-seed and seed investment, bring a lot of experience and direction to Lemon from the start of its growth journey.

Apart from the primary venture capital investment, it has secured angel funding from Nick Dodd, a former partner of KPMG's Debt Advisory division, and SkyParlour Started, the co-founder of a fintech advertising agency. Both individuals have become members of Lemon's advisory board.

Fundamentally, it is a platform that helps SMBs find, fund, and manage their SaaS. SMBs may spend up to £30,000 annually on SaaS software, according to Lemon research. Nevertheless, several companies have no idea that their SaaS expenses are that high.

Read also - Barcelona-based Factorial Secures $80Million in Funding

Lemon helps small and medium-sized businesses (SMBs) manage all of their subscriptions in one location, identify overspending, provide visibility into the SaaS consumption across the entire company, and reduce average spending by 20%.

Many small and medium-sized businesses (SMBs) depend on software subscriptions to boost internal business efficiencies through marketing, accounting, and HR programmes. SMBs can reduce these software subscription costs by thousands of dollars with little extra effort by using the Lemon subscription management solution.

With the help of Matt Parke, the company's new chief technical officer, and the impending hiring of a new content and community manager, Lemon will now focus exclusively on product development after the successful increase.

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In order to minimise SaaS expense for SMBs, the company will continue to work with its early clients to customise the product directly for their most urgent needs, optimise tools, and concentrate on advancing towards early product/market fit throughout this stage of development.

Additionally, Lemon will eventually expand the functionality of its products to include instant credit options for SMBs that can save money. These options will be available both through the Lemon dashboard and at the checkout of the software vendor, enabling them to take advantage of the discounted annual software subscriptions that vendors offer while still being able to enjoy the convenience of monthly payments.

Co-founder and CEO of Lemon Matt Bird commented: “It’s clear that we’re going through a really interesting period for SMBs at the moment. Taking into consideration the challenging economic landscape with funding drying up everywhere you turn, SMBs now need the tools and services to help them build better businesses as cost-efficiently as possible. With software being the third largest spend for an SMB, we really think Lemon can become a core part of how an SMB uses SaaS.

Koen Christiaens, Co-Founder and Managing Partner at Pitchdrive, also said: “We fully believe in the vision of Lemon and can see how much of a game-changer the solution can be for SMBs. Managing subscriptions remains a chaotic task for most businesses, so having a single view of subscription spend, coupled with the ability to access sustainable finance which reduces burning and promotes cash-flow efficiency, makes us very excited. We believe Lemon can become a household name for the SaaS industry over the next couple of years.”

About Lemon

Lemon is a platform that assists small and medium-sized businesses (SMBs) in managing and funding their software subscriptions. SMEs with extensive software usage tend to overlook their subscriptions and overpay for them. Every year, it's usually £6000 more. So, without having to do any work on their part, they assist them in only paying for the programme they truly use and obtaining the greatest deal on the software they purchase.

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