Terralogix

We provide landowners with an inexorable route to establishing legal title ahead of realising value from its ultimate sale.

The coronavirus has affected a huge number of businesses across the UK. What problems were you facing as a result of the outbreak and what made you apply to the Future Fund?

Having spent four years and around £3 million in R&D, we recently launched to the outside world. The company has achieved well over 7,000 registered users globally in a matter of months and is gearing up to launch its first project.

As we are pre-revenue, we’re reliant on equity finance to fund this current stage of development – predominantly through the Government’s Enterprise Investment Scheme. In parallel, we sought and secured from a social impact fund an offer of project finance to fund our pilot project.

The COVID-19 outbreak had an immediate impact on both sources of working capital, meaning we needed to quickly secure an alternative, temporary line of funding to fill the gap.

How long did the application process take? Did you need any support?

The application process took a matter of weeks and was handled entirely online without any need for assistance. The approval in principal came back in around 10 days, and once we’d secured funds from investors, the government-matched funds were released within a week. It was a swift and painless process.