Loveshark is an augmented video games company. Tara Louise Reddy and Sam Weekes set up the London-based business in 2018, after leaving Blippar, a high-profile augmented reality start-up. Loveshark has notched up a seed funding round with several high profile investors. Recently, it secured its biggest investment yet from a venture capital firm.
“Recently we finalised our first big venture capital funding round. We had some very prominent European funds vying to get into the funding round.
To get the funding agreed there was a lot of due diligence, which I had limited experience of. It was a lot of work and massively important to us. Barnes & Scott was a great help in providing financial information requested by investors. It would have taken me days to find the information, check it and get it in the appropriate format.
Barnes & Scott also helped structure different share classes for the investment and create different types of share option scheme for different investors.
The venture capital funding has been massively important for our business. It was our seed round of funding. It has meant that we were finally able to grow the team, move at the speed we need to, and ship our product. It has allowed us to go from pilot phase to launching our app officially.
We doubled our staff after the funding round and released our product which we had been working on for over a year. And now we have money to spend on marketing.
We have kind of reached the scale up phase of a business. Before we were counting every penny.
Barnes & Scott supported us with the due diligence side of the funding, and during negotiations.
We don’t have a finance person, so we rely on Barnes & Scott a lot. For example, as part of their due diligence, investors asked us for a register of members amongst a host of other docs, which Barnes & Scott helped produce. Barnes & Scott has all our financial records. If an investor asked for information or a document during the negotiations Barnes & Scott could find it quickly.
Barnes & Scott has such a good attention to detail, which helps give me peace of mind about my company’s finances. It’s good to know that that someone is doing all the right things financially and understands the tech and gaming industry.
I call Tas the CFO in my pocket. Barnes Scott has been super-helpful, and I have a lot of trust in his team. I love how the firm is very tech literate and automates as many finance tasks as possible.
As Loveshark continues to grow, its finances will get more complicated. Barnes & Scott will continue to provide essential financial support for our company.”