A co-founder of a football sweepstakes app has given his advice on raising investment after his business secured a major new backer.
Manchester-headquartered Circl has received an initial £550,000 from Zeal Ventures, whose portfolio also includes Omaze, Daymade and Pick Media.
Circl's leadership team consists of founder and CEO Will Hawkins, CTO Mark Quinn and CFO Eddie Ross.
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It launched a crowdfunding campaign in June 2022 having previously secured a £375,000 investment towards the end of 2021.
Circl closed a pre-seed funding round led by Dutch Sport Tech Fund, combined with various angel syndicates.
At the time, the company said it was aiming to raise £2m over the next 12 months as well as create new jobs and expand into Europe and the US.
Writing on LinkedIn Mr Hawkins, who serves as Circl's CEO, said: "We are so thrilled to be working with their venture team, as we look to provide sports fans and non-sports fans alike, the opportunity to win life-changing prizes whilst watching live football.
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"My main advice to new and existing founders looking to raise capital is to embrace change.
"I think change often comes with negative connotations, or even a suggestion that you 'don’t know what you're doing'.
"If anything, change is your strongest asset, your most valuable narrative, and arguably the clearest indicator that you and your team knows exactly what they are doing. - something that, obviously, investors are looking for.
"I've not met a single founder whose business is the same as they had originally wanted it to be or thought it would be - at either a macro or micro level.
"There’s a strong probability that your original idea had multiple flaws or was simply not 'business-ready' - like mine was!
"Your idea (with a solid pitch deck, seasoned with your passion) gets you through the 1st door (initial investment & MVP).
"From there, it's a race against the clock to find the next best version of your idea – so it can become a business to unlock the 2nd door (further investment/partnerships).
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"After that? A race against the clock to find an even better version of your business and open more doors.
"In the two years of building Circl and having now raised more than £1.3m to date, I look back on how the proposition has evolved from ‘Will’s bedroom idea’ to our next-gen football entertainment games - and as we continue to build and grow, I’m sure it will continue to evolve too.
"We’ve done this by understanding our users, paying close attention to changes in our market and finding a viable middle ground.
"If you don’t embrace change, your business won’t evolve, and if your business isn’t evolving, then it’s likely your fundraising won’t either.
"We are super excited and grateful for the opportunity to place Circl at the forefront of live sport and play our part in the future of digital entertainment."
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