Satago believes that businesses have the right to get paid on time. Satago is building a platform and an ecosystem that will make the stress created by late payment one less thing for busy, growing businesses to worry about.
Modern business is hard enough without the extraordinary efforts spent on holding customers to the promises made in the payment terms. Satago’s set out to change the whole culture of late payment on invoices.
Anybody who has ever run their own small business, or worked as a freelancer, will know the pain of getting paid late by their business customers. Satago was developed after experiencing, first-hand, the frustration of trying to keep organised whilst simultaneously chasing dozens of debtors for payment. By giving small businesses the tools to automate this process, Satago can reduce the time and effort businesses spend on credit control and ultimately help them get paid faster.
Turning an idea into reality
Satago started off as an idea of founder Steven Renwick, in 2012.
“I had what I was sure was a great idea, but as a non-technical founder I was unable to build anything myself to test the concept. I needed the investment through Seedrs in order to hire developers to build a minimum viable product to test and prove the business concept.”
In July 2012, Satago was validated when 61 people invested an average of £491 to kickstart the business. Seedrs investment made it possible for Steven to validate his idea with a crowd of people who suffered from the problem he was looking to solve.
Picking up the pace
Since 2012, Steven has not only found a technical co-founder to help develop the product, Satago has also launched at TechCrunch Disrupt in 2013, won Seedcamp 2013 and raised follow-on investment of $1 million in early 2014 from Belgium-based E-merge, BDMI in Germany, and well-known angel investors throughout Europe.
Satago’s follow-on investors were drawn to the company’s clean seed-stage shareholding structure that included ordinary shares and nominee administration, through Seedrs.
To learn more about Satago and to keep up-to-date with the company, visit satago.co.uk
- England Country
- £492 Avg. Investment
- 61 Investors
- £30,000 Raised
- 14% Equity
- 16 Days to Fund