MindGenius set for £1m funding boost

MindGenius set for £1m funding boost

Software development company MindGenuis is due to embark on an equity funding round of £1m as part of a fundraising strategy to support the development of its new cloud based project management solution.

The East Kilbride firm has created a platform that enables its users to capture their ideas, visualise information, plan projects and share knowledge.

The CEO of MindGenius, Ashley Marron, said: “We have been actively operating for 7 years and have sold our desktop product to over 90,000 users in more than 120 countries.

“However, we are now raising funds to launch Barvas, following an active beta trial with over 1000 users.”

The company has also significantly invested in intellectual property as part of its funding strategy, and received an independent IP valuation from Metis Partners.

MindGenius is an entrant in the Clydesdale and Yorkshire Banks IP100 which is designed to shine the spotlight on IP-rich companies and is now becoming recognised as the new platform for those companies to raise money by getting in front of the investors and lenders focused on high growth IP-rich businesses.

Stephen Robertson of Metis Partners said: “IP-rich businesses often struggle to showcase their investment in intellectual property, and therefore miss out on opportunities to secure the uplift in their business valuation as a result.  Our work with MindGenius focused on helping it gain understanding of its critical IP assets and measuring the quality and value of these assets.

“We based our valuation on the proportion of overall revenues it was expected to generate and assessed the likelihood of the company reaching these forecasts.

“The final pre-money valuation of the business was circa £6m and is crucial in supporting the level of investment that could be raised via the funding campaign.”

Bryan Hoare, the co-founder of IP100 added: “We are extremely pleased to witness yet another IP100 company grow and raise funding.

“Investment in intellectual property is becoming more and more recognised by lenders, and, as MindGenius proves, can play an important part in the process of a crowdfunding campaign.”

 

 

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