By Amelia Isaacs on Wednesday 14 September 2022
The fintech uses tech to streamline the process of applying for government subsidies, making it ‘10 times easier’ for its customers.
Claimer, the London-based startup digitising the way companies claim government incentives, has raised $4.2m.
The fintech says it makes the experience of claiming innovation incentives 10 times easier and that companies can initiate a claim in “as little as 10 minutes”.
With the seed funding, the fintech will be able to continue scaling in the UK and plan its launch into a second market “in the near future”.
Claimer’s CEO Adam McCann said the team are building the company to be the “de-facto way” for both startup and scaleups to claim government incentives.
“The R&D claim industry is broken,” McCann said.
“Claimer’s vision is to accelerate innovation globally by eradicating this opacity and complexity between tech companies who need to claim incentives and governments who want to issue them.”
Despite billions being set aside in innovation incentives globally, barriers to access are often high, whether for tax credits, grants or other local tax reliefs.
With a tough venture capital market environment, the need for non-dilutive funding is only set to rise.
According to Claimer, most companies are claiming for complex research and development projects, with benefits ranging from £30,000 to £2m.
The fintech says it has filed more than 700 claims to date, with a 100 per cent success rate.
The round was led by Project A Ventures, with participation from Moonfire Ventures, helloworld.vc and angel investors including Wonga co-founder Errol Damelin, SongKick ex-CEO Ian Hogarth and OMERS Ventures partner Harry Briggs.
“We’re excited to support Claimer in enabling innovative companies to claim R&D relief they’re owed from governments, in a way that is considerably easier and cheaper than current solutions,” Project A partner Sam Cash said.