Runagood®, the AI Business Advisor, has attracted international interest as it seeks to raise £1m of equity funding in exchange for 20% of the company.
CEO and Founder of Runagood, Duncan Collins says the London based start-up firm has received enquiries from North America, Australia, Africa and the Middle East.
“The business aims to use the funds to launch its innovative artificial intelligence-based technology and start marketing to Britain’s 5.5 million small businesses, including sole traders via its partner network,” Mr Collins says.
The AI-driven software acts as a one-stop shop for business owners – identifying issues around company performance and then offers solutions/actions to improve the business.
“We need £100K to reach breakeven profit, which will occur by the end of this year. The rest will be spent on: partner support to ensure they achieve volume sales, partner mentoring, software usability, new products (that are being requested by partners) and international expansion for several markets that are already making enquiries.”
The AI-driven software acts as a one-stop shop for business owners – identifying issues around company performance and then offers solutions/actions to improve the business. The powerful automated system also provides a business valuation within minutes as a key benchmark of business health.
Business owners begin by answering 20 key questions about their organisation. This information is then matched against industry data. This lets them know how good they are at acquiring new customers compared with other competitors in the same sector. Productivity, customer retention, efficiency and profitability are also assessed and compared.