Springlab’s progress has been positive since our last interview, as they successfully secured funding from Netsam Participaties, a small investment fund. Their current focus is on growth and emphasise team expansion as a key aspect of their business strategy.
We interviewed you just over a year ago. How are things going?
“Things have been progressing well since our last interview. Despite starting in May of last year, which wasn’t the best time to seek investments, we were able to secure funding from a single party called Netsam Participaties. It’s a small investment fund managed by a small group of people. They provide support in areas such as recruitment, HR, and IT.”
Could you describe the funding process? Are there some best practices you would like to share?
“The funding process was time-consuming but ultimately fruitful. We started by hiring an investment advisor who had experience in the education industry. Together, we created a plan on how to approach potential investors and prepared teasers and investment memoranda. We followed a structured process and received a relatively quick responses from the market. Ultimately Netsam Participations saw our profile on FundsUp. They reached out to us to get to know each other. From the first meeting we had a really good connection. They also had a well structured and efficient process to close the deal together. Together with our advisor we closed the deal in the beginning of November. In total it took us 5 months from preparation to closing.”
My two learnings from this process are:
1) Reach out to a lot of investors and be creative! We created a promo video about our investment pitch, tried new things like Fundsup and reached out to 100 potential investors.
2) Make use of an experienced fundraising expert. This can help with structuring the process but also with a fresh view during negotiations. But don’t forget to stay close to yourself, in the end you need to make the decision yourself!”
What’s next for Springlab?
“Our main focus right now is on growth, which involves hiring more people. Unlike e-commerce businesses that can easily place advertisements for a wide reach, our business requires a combination of smart strategies and execution. We currently have two job vacancies and hiring people hasn’t been an easy task in this current market. To streamline the recruitment process, we have hired external help for roles such as content marketing and inside sales. We already have senior sales and marketing personnel onboard. Our approach involves reaching out to software trial users, offering assistance and understanding their needs. We don’t approach them with cold calls but rather aim to provide meaningful support.
Overall, we are optimistic about the future and continue to prioritize the growth of our team as a crucial aspect of our business.”