ImpactAlpha, November 18 – Small businesses are the economic and job creation engines all over the world. In the U.S. and U.K., small businesses employ 47.5% and 60% of the private workforce respectively.
Yet, most small businesses don’t survive to their fifth year, largely because of inability to predict or manage their cashflows.
London-based Fluidly has developed machine learning-based software that helps small businesses forecast and manage their cash coming in and out.
Fluidly’s founder, Caroline Plumb, launched the company having struggled with cashflow issues in a former business. She described the available tools—primarily spreadsheets—were “very manual, very time consuming and out of date.”
“It’s an area that’s seen little in the way of disruption” from the tech sector, acknowledged Will Gibbs of Octopus Ventures, which backed Fluidly’s £5 million ($6.5 million) Series A round.
Anthemis and several angel investors, also invested, alongside New-York based Nyca Partners, which led the round.