As part of our regular follow-up with past clients, we caught up with Mike Saville & Russell Cosway of Gydeline, to find out how their Start Up finance impacted their business.
St Austell- based Gydeline Ltd is the brainchild of Mike Saville and Russell Cosway. They had the dream of helping businesses keep on the right side of the law, saving them time, money and worry. They could see that the burden of regulations and standards (200+) was increasing, especially for smaller businesses who are not served well by existing technology providers.
To help solve this, they built a Software as a Service (SaaS) product which assisted organisations in working through applying the, then new, General Data Protection Regulations (GDPR).
Before the first version of the software went live, Gydeline sought funding from SWIG Finance, which came in the form of 2 Start Up Loans totalling £39,800. This invaluable injection of funds enabled Gydeline to bring the service to market and iron out the inevitable cashflow issues that plague a launch of this kind.
“To be honest”, says Founding Director, Russell Cosway, “if we hadn’t had the SWIG loans, we would have had to sell some more of our equity. We wanted to avoid that at this early stage as we knew that we would want to have a further investment cycle once we we’d proved the concept and wanted to keep our options open”
The first, limited, version attracted customers from across the UK and the US. Learning from their customer feedback Gydeline worked to produce the next iteration of the product. Mike Saville, the other Founding Director explains, “GDPR and Data Protection was just our leaping-off point. It was current and highly visible, but the real issue is that there are another 200 basic regulations and standards with which businesses need to comply.”
To that end, the second version of the software went live at the start of 2020 which now helps organisations with the whole spectrum of basic business compliance. Gydeline are now starting another phase of fund raising to support the development of this money and time saving solution.
Business Manager Mark Thayre, who helped facilitate Gydeline’s start up loan funding said “we are always really pleased to hear success stories from our past clients, and Gydeline is no exception.
“I met with Russell and Mike at when Gydeline was still in early stages, it’s great to see that they are now facing another round of funding to expand their services further”.
SWIG Finance works with start-up and established business to realise their growth ambitions. If you need finance to grow, contact our friendly and professional team on 01872 223 883 or firstname.lastname@example.org
For more information of the services we provide visit https://www.swigfinance.co.uk/funds-available/
Finance is subject to status. Terms and conditions apply. SWIG Finance Ltd is authorized and regulated by the Financial Conduct Authority, licence number 730724. Registered office: Lowena House Glenthorne Court, Truro Business Park Threemilestone, Truro, Cornwall, TR4 9NY