‘Learning to speak the language of investors’ has been key to raising growth finance for software start-up Lattice.
The firm, which has developed a solution to offer real-time location-based site updates between field and office teams for complex infrastructure projects, has recently secured £200,000 in pre-seed funding.
Lattice's journey began in London and the company's software solution played a crucial role in Transport for London's ULEZ (Ultra Low Emission Zone) expansion project, catching the eye of industry giants TKJV and Ringway.
Sankha Deep, Founder of Lattice, said:
“We knew we had something special. Our success with the ULEZ project proved that our product could solve real-world problems. But to take it to the next level, we needed more than just a great idea – we needed capital.”
Lattice's fundraising journey began in the spring of 2023 when they joined Tramshed Tech's Investor Readiness programme. This proved to be a crucial first step, equipping the team with the knowledge and networks they would need in the months ahead.
July 2023 marked a turning point when Lattice participated in the ‘Meet the Funder' initiative, a collaborative effort between Tramshed Tech and British Business Bank. It was here that they first crossed paths with SFC Capital, the investor that would ultimately back their vision.
“That ‘Meet the Funder' event was a game-changer for us,” Sankha said. “It's one thing to have a great product but learning to speak the language of investors – that's a skill in itself.”
The subsequent months saw Lattice refining their pitch, honing their business plan, and actively reaching out to investors. Their persistence paid off in early 2024 when SFC Capital committed £200,000 through the SEIS scheme.
Sankha says that Lattice’s experience highlights the importance of a frugal approach, aligning capital needs with development costs over an 18 to 24-month period.
“We've seen many start-ups burn through cash too quickly,” Sankha cautions. “Our philosophy is simple: don't overspend or over-hire until you've found a product that can sell in a scalable manner.”
The Lattice team also learned that fundraising is a full-time job for founders.
Sankha said:
“Finding the right investors isn't just about the money. You need to consider their expertise in your industry, their stage focus, and how they can add value beyond the cheque.”
Perhaps most importantly, Lattice learned to value all investor feedback – even the rejections.
“Every ‘no' is an opportunity to improve,” said Sankha. “We took this as an opportunity to analyse why investors say no, work on those aspects, and keep pushing forward.”
With fresh capital, Lattice is now focused on enhancing their product's AI capabilities and deepening their solution rather than broadening their market approach. Their goal is to add another zero to their current funding within 24 months.
“We're not just building a product – we're solving our customers' problems more efficiently,” Sankha explains. “By focusing on this, we're not only deploying our funds effectively but also building stickiness into our solution.”
