A RISING tech startup from Warrington has secured a £200k investment after taking part in PraeSeed, a six-week cohort-based investment programme for early-stage businesses.
BidScript specialises in machine learning and artificial intelligence powered software to transform the bid management process for organisations
The company’s solution supercharges bid management functions, from pre-bidding through to post-bidding activities, increasing an organisation’s ability to bid more at a higher quality and for a fraction of the cost and time.
BidScript will use the funding to secure a number of commercial agreements with businesses in its pipeline who are looking to tackle the resource intensive tendering process using BidScript’s technology.
In total seven businesses have secured investment from PraeSeed, an initiative founded by the Manchester-based VC Praetura Ventures and funded by NPIF II – Praetura Equity Finance, which is managed by Praetura as part of the Northern Powerhouse Investment Fund II.
Launched in May, PraeSeed’s mission is to identify startup and early-stage investment opportunities for NPIF II, while providing founders at the pre-seed stage with new opportunities for additional funding and support with investor readiness.
For its inaugural year, PraeSeed hosted 12 businesses from various sectors and regions, with each invited to take part in workshops and presentations on all aspects of scaling a business, including creating a go-to-market strategy, navigating financial modelling and tackling fundraising. As well as Praetura’s investment and portfolio teams, the sessions were hosted by later-stage founders and experts from the business landscape.
Henry Brogan, who co-founded BidScript with Tyler McCarthy, said: “PraeSeed brought Tyler and I a huge amount of benefit. Each week was packed with lessons and learnings that we were able to implement straight away for BidScript, highlighting Praetura’s reputation for more than money. This funding will allow us to take on new commercial initiatives, expand our client base, and deliver what the market truly wants. As many of us know, the bidding process can mean working late nights and weekends and can often use up unnecessary resource expenditure while sacrificing quality. BidScript is here to change that. We believe in getting behind a bid management function, supercharging dedicated, skilled professionals and providing the tools they need to tender smarter, not harder.”
Jessica Jackson, investment manager at Praetura Ventures and PraeSeed lead, said: “BidScript’s co-founders Henry and Tyler embody what PraeSeed is all about, thanks to their willingness to learn, ask questions and engage with the programme. Between them, they have built an impressive business that addresses a pain point faced by many companies who know how arduous the tendering process can be. We’re delighted to be backing BidScript, which really shone among the 200 applications received for PraeSeed, and we’re looking forward to seeing what the company’s next growth chapter entails.”
