Seed
Bundle IQ
£400k
£2M pre-money
Now — Q2 2026
Series A
Scale
£2M
£10M pre-money
Month 18–24
Series B
Expand
£8M
£40M pre-money
Year 3
Series C
Accelerate
£20M
£120M pre-money
Year 4
Pre-exit
Optionality
£0–30M
£200M+ pre-money
Year 4–5
Exit
Trade sale / IPO
£291M
Base case 7× ARR
Year 5
🌱 Seed round — £400k at £2M pre-money
Platform is built. Supabase connects this week. First pool members targeted by Month 1. This raise funds the go-to-market — personal outreach, first vendors, first pool to market, first saving documented.
Cap table post-seed (fully diluted)
| Holder | Shares | % | Votes |
|---|
| Founder | 8,000 | 66.7% | 97.6% |
| Seed investors | 2,000 | 16.7% | 2.4% |
| EMI pool (unissued) | 1,000 | 8.3% | — |
| Reserved (unissued) | 1,000 | 8.3% | — |
| Total | 12,000 | 100% | |
SEIS / EIS breakdown
| Tranche | Amount | Scheme | Investor net cost |
|---|
| Tranche 1 | £250,000 | SEIS 50% | £125,000 |
| Tranche 2 | £150,000 | EIS 30% | £105,000 |
| Total | £400,000 | | £230,000 net |
What this funds (18 months runway)
| Category | Amount | % |
|---|
| Engineering & platform | £136,000 | 34% |
| Sales & biz dev | £96,000 | 24% |
| Marketing & content | £48,000 | 12% |
| Operations & compliance | £40,000 | 10% |
| Infrastructure & tooling | £28,000 | 7% |
| Working capital | £52,000 | 13% |
Key milestones before Series A: First pool transaction live (Month 1) · First saving documented and published (Month 3) · IQ Analytics publishing real benchmark data (Month 6) · 50+ pool members across 3+ sectors (Month 12) · Break-even (Month 18) · Innovate UK grant submitted (Month 6) · £150k+ ARR run rate confirmed before Series A conversation opens.
🚀 Series A — £2M at £10M pre-money
The growth round. You have live transactions, published benchmarks, documented savings. The story shifts from "we will do this" to "we have done this and here is the data." Series A funds the team, marketing, and sector expansion.
Cap table post-Series A (fully diluted)
| Holder | Shares | % | Paper value |
|---|
| Founder | 8,000 | 53.7% | £5.37M |
| Seed investors | 2,000 | 13.4% | £1.34M on £400k |
| Series A investors | 2,400 | 16.1% | £2M invested |
| EMI pool | 1,000 | 6.7% | Unexercised |
| New option pool | 500 | 3.4% | Series A hires |
| Reserved | 1,000 | 6.7% | Future |
| Total | 14,900 | 100% | |
Series A use of funds
| Category | Amount | Purpose |
|---|
| Engineering team | £700,000 | Lead engineer + 2 developers |
| Sales & growth | £500,000 | Sales team, sector BDMs |
| Marketing | £250,000 | Content, events, PR launch |
| Product | £200,000 | IQ Monitor, HR/Labour build |
| Operations | £200,000 | Compliance, legal, finance |
| Working capital | £150,000 | 24 months runway buffer |
Typical Series A investors: Seed VC funds (Seedcamp, LocalGlobe, Entrepreneur First), sector-specialist angels, family offices. Target 6–10 investors in the round. Lead investor typically takes 10–15%. Expect 3–6 months fundraising process. Start conversations at Month 12 when you have 6 months of data.
📈 Series B — £8M at £40M pre-money
The expansion round. IQ Analytics is the authoritative SME procurement benchmark. HR/Labour marketplace is live. Professional services growing. This round funds international expansion (Ireland, then EU) and the IQ Monitor paid product launch.
Cap table post-Series B (fully diluted)
| Holder | % | Paper value | Note |
|---|
| Founder | 42–45% | £17–18M | Still largest single holder |
| Seed investors | ~10% | £4M on £400k | 10× already on paper |
| Series A investors | ~12% | £4.8M on £2M | 2.4× on paper |
| Series B investors | ~16% | £6.4M invested | New institutional |
| Option pools (all) | ~12% | Growing team | EMI + new grants |
| Reserved | ~8% | Series C buffer | |
| Total | 100% | £40M pre | |
Series B use of funds
| Category | Amount | Purpose |
|---|
| Product & engineering | £2,500,000 | IQ Monitor, mobile app, API platform |
| International expansion | £2,000,000 | Ireland launch, EU regulatory prep |
| Sales & marketing | £1,500,000 | Sector sales teams, brand |
| Data & intelligence | £1,000,000 | Research institution, data partnerships |
| Operations & compliance | £500,000 | FCA readiness, ISO certifications |
| Working capital | £500,000 | Buffer and acquisitions |
Typical Series B investors: Growth-stage VCs (Balderton, Atomico, Highland Europe), sector-focused funds, possibly a strategic investor (e.g. a large insurance company wanting access to SME procurement data). Board seat expected for lead investor. Consider bringing in a non-executive chair with procurement or marketplace experience.
⚡ Series C — £20M at £120M pre-money
The acceleration round — or potentially not needed at all. By this point IQ Monitor subscriptions and HR/Labour fees are generating significant recurring revenue. This round is for aggressive international expansion, potential acquisitions (a smaller platform, a data business), and pre-IPO preparation.
Cap table post-Series C (fully diluted)
| Holder | % | Paper value | Return multiple |
|---|
| Founder | ~34–38% | £41–46M | — |
| Seed investors | ~7% | £8.4M on £400k | 21× |
| Series A investors | ~9% | £10.8M on £2M | 5.4× |
| Series B investors | ~11% | £13.2M on £8M | 1.65× |
| Series C investors | ~14% | £16.8M invested | New |
| Option pools (all) | ~15% | Team wealth | |
| Reserved | ~8% | Exit buffer | |
Alternatives to Series C
Revenue-based financing: If ARR is £15M+ and growing 50%+ YoY, revenue-based financing (Lighter Capital, Capchase) gives non-dilutive growth capital. No equity given away, repaid from future revenue. Worth exploring before a dilutive Series C.
Strategic investment: A large insurer, recruitment firm, or enterprise S2P provider might take a minority strategic stake at £120M+ valuation in exchange for distribution access. This is non-dilutive relative to pure equity — they pay for commercial access, not just financial return.
No Series C — go straight to exit: If ARR hits £25M+ organically from the six revenue streams and an acquirer approaches at a compelling valuation, you may not need a Series C at all. Series C is optional, not mandatory.
🎯 Pre-exit — optionality and acquirer conversations
By Year 4–5, the exit options crystallise. You don't go looking for a buyer — buyers come to you. The platform's data moat, the IQ Monitor subscription base, the HR/Labour marketplace, and the research institution positioning all make Bundle IQ highly attractive to multiple acquirer types.
Implied valuation range
£175–450M
Your stake at exit
~40–50%
Exit options — ranked by likelihood
| Route | Acquirer type | Why they buy | Valuation driver |
|---|
| Trade sale | SAP Ariba, Sage, Xero | SME procurement gap, 1.3M customer distribution | Revenue multiple + strategic premium |
| PE acquisition | Bregal, Hg Capital | SaaS roll-up, data asset, recurring revenue | EBITDA multiple |
| Rated People / Homeserve | Brookfield ecosystem | Trades marketplace + verification infrastructure | GMV + data premium |
| Recruitment roll-up | Adecco, Hays, PageGroup | HR/Labour marketplace at 10% vs their 25% | Placed contractor volume |
| IPO | AIM / Main Market | Data and analytics businesses command premium public multiples | Revenue multiple + growth rate |
What makes you most valuable to each buyer
To SAP Ariba / Coupa: The SME segment they can't serve. Bundle IQ has 10,000+ SME buyers with active procurement relationships. Bolt-on for a fraction of the cost of building it.
To Sage / Xero: 900k UK SME accounting customers. Bundle IQ adds procurement intelligence to their platform. The data moat compounds with accounting data — spend categorisation, supplier risk, payment terms all improve when procurement and finance data combine.
To PE: Predictable subscription revenue (IQ Monitor), high-margin success fees, proprietary data asset, defensible moat. Platform EBITDA margin at scale is 40%+. Classic roll-up candidate.
To a recruiter: The HR/Labour marketplace at 10% directly cannibalises their 25% model. Cheaper to acquire Bundle IQ than to rebuild their pricing model from scratch.
Preparation for exit (start 18 months before target): Audited accounts for 3 years · Revenue quality review — MRR vs one-off fees · Data room preparation · IP audit — trademarks, code ownership, API agreements · Clean cap table — all options exercised or lapsed · NED with M&A experience appointed · Investment bank / advisor appointed (typical fee 2–3% of exit value on a transaction this size). At £291M that is £5.8–8.7M in advisory fees — negotiate hard, cap at 2%.
£291M
Base case exit · 7× ARR · Year 5
Founder proceeds (~50%)
£145M
Exit proceeds by holder — base case £291M
| Holder | ~% | Gross proceeds | Net after tax | Return |
|---|
| Founder |
~50% |
£145.5M |
~£116M |
BADR + 20% CGT |
| Seed investors |
~10% |
£29.1M |
£29.1M |
109× — 0% CGT (SEIS/EIS) |
| Series A investors |
~9% |
£26.2M |
£26.2M |
~13× — 0% CGT (EIS) |
| Series B investors |
~11% |
£32M |
£25.6M |
4× — 20% CGT |
| Series C investors |
~8% |
£23.3M |
£18.6M |
~1.2× — 20% CGT |
| Option pool (exercised) |
~12% |
£34.9M |
~£31.4M |
10% CGT via EMI/BADR |
| Total |
100% |
£291M |
~£247M net |
|
All exit scenarios
| Scenario | Exit | Multiple | Your ~50% | Seed 109× target |
|---|
| Conservative | £208M | 5× | £104M | 78× |
| Base case | £291M | 7× | £145.5M | 109× |
| Upside | £374M | 9× | £187M | 140× |
| Exceptional | £457M | 11× | £228.5M | 171× |
| IPO premium | £500M+ | 12×+ | £250M+ | 187×+ |
Total capital raised across all rounds
| Round | Amount | Cumulative | Equity given |
|---|
| Seed | £400,000 | £400,000 | 16.7% |
| Series A | £2,000,000 | £2,400,000 | +16.1% |
| Series B | £8,000,000 | £10,400,000 | +13% |
| Series C | £20,000,000 | £30,400,000 | +11% |
| Total | £30.4M | | ~57% total dilution |
£30.4M total raised to build a £291M business. Return on total capital invested across all rounds: 9.6×. Your stake after all dilution: ~43%. At £291M exit that is £125M founder proceeds — potentially the most conservative estimate if you retain Ordinary A voting control and can negotiate a premium with the right acquirer.
The single most important thing today: Get the first pool transaction live. That event — one real £ moving through the platform — is worth more to the valuation than another six months of building. Everything from Seed through to this exit table is contingent on Inflection Point 1: the first transaction. Connect Supabase today. The rest follows.