NTUK Technology are pleased to announce the close of their pre-seed funding round at 120% of their initial target. With £90,000 secured and a further £30,000 committed the group can now begin to progress with their development timeline with key stages of alpha and beta testing scheduled to take place over the coming months prior to the launch of their first product to market.
NTUK Technology’s goal is to digitalise the construction industry with bespoke technological solutions for individual market segments. Current focus on the Tools, Plant and Equipment Hire sector with the forthcoming launch of National Tools UK, however from a broader perspective NTUK Technology are likely to target Bulk Materials & Products Purchasing and also a Value Comparison platform for the Industrial, Commercial and Construction supplies sector.
What is Pre-Seed funding?
There are different types of funding, as follows:
- Series A
- Series B
- Series C
Pre-Seed is the earliest type of funding available to start-ups, this type of funding is the amount of capital raised and invested by founders to get their business idea/concept off the ground and start forming the foundations of an actual business. Usually these funds are raised through personal contributions by founders, their friends or family. On some occasions a start-up may receive external funding as part of their Pre-Seed round if their idea or concept can showcase a viable business model with scalability.
What to consider when raising Pre-Seed funds...
As Pre-Seed funds are used to get the operational set up of the business moving forward the first big bill you may incur is the shareholders agreement and investors term sheet. These documents are essential for your business moving forward and set out the structure of decision making between shareholders. Consider future fundign rounds when drafting these documents and also look for a specialist legal services provider that has dealt with start-ups previously.