How to get funding for your startup
What is revenue-based lending?
Revenue-based lending is a flexible funding option that requires no collateral, no guarantees and you repay using a % of your sales. This can be great if you’re not looking to bring on further investors at this time.
Am I eligible for funding?
You need to be selling physical goods online, have 4-6 months of operating data and £20k of monthly revenue.
What is the fee?
Flexible funding from £10K to £20M and the fee will be between 1-6% depending on the terms of your loan.
What other options are there?
Of course, if you’re just starting it out and you don’t have sales coming through your business you’ll need to look at alternative sources.
1) Savings, Friends and family. These people are the first source of financing for many people.
2) Grants. This will require a solid business plan and further written documents to support your application.
3) Loans. As above you’ll need to work with your funding partner to develop a relationship for funding.
4) Crowdfunding. We have been involved with many campaigns, it is great way to raise cash but you’ll need some to get you there. There is more about this in our Startup Guide here
5) Bootstrapping. Focusing on the minimal viable product to prove your idea before searching out other funding options.
6) Business angels. If you are considering angel funding, you should get to know the person as this relationship will last a long time. You need to be on the same page regarding the future of the business.
7) Venture capital. Work on that pitch as the VC route can be fruitful but you’ll need to jump through some hoops to get there. VC funds can provide money and expertise but it will come at a cost in terms of stock or options.
8) Business incubators. Again for % of the business you will get a small amount of money and advice to bring your idea to life in a set incubation phase.
We're excited to announce a new partnership with revenue-based financing and growth platform Wayflyer to help eCommerce businesses grow and thrive.
“We have a track record of backing people and businesses on the road to success since 2019, and Morrama’s expertise and support will be incredibly valuable as we continue to grow across the world and enter new markets. The team’s reputation in the fast-paced design process and innovative thinking will help the next generation of great brands reach their target customers and accelerate business growth.”
Ash Read - Head of Content, Wayflyer
Through this partnership, Morrama’s roster of market-changing eCommerce clients will have access to financial support and funding directly from Wayflyer. This will enable them to solve cash flow challenges, buy inventory, and use their marketing budget to its maximum potential. Alongside this, all brands that work with Morrama and receive funding from Wayflyer will have access to Wayflyer’s unique analytics offering and marketing dashboard. This helps eCommerce businesses to understand their marketing performance, make better marketing decisions, and ultimately accelerate their growth.
The product design team has turned multiple start-ups from an idea into multimillion-dollar companies, and as part of this partnership, Morrama will provide its expertise in industrial design, user experience, and getting products market-ready to Wayflyer customers that are looking to develop and launch new and innovative products.
This partnership will also see Morrama and Wayflyer producing unique content to help eCommerce businesses to break through the challenges they face with product design, sustainability, innovation, and growth.
More news to come.
