The UK has extended its £250 million rescue package for startups struggling during the COVID-19 pandemic.
"I still don't have a sense of smell, my taste is still distorted," she tells Business Insider over a Zoom call. Would these investors have backed Canaree if a pandemic hadn't put everything on ice? "You can't say until a round is closed," says Brodersen. "But it was very clear the conversations changed."
To qualify for the Future Fund, startups must be venture-backed and have raised at least £250,000 in equity over the last five years. At least half of the company's employees or revenue must be UK based and startups must already have obtained match funding from private investors when applying to the fund.
"Then it was all about getting the paperwork together and being ready to apply because they talked about a pool of money and when that was gone, it was gone," she continues. "It was quite a crazy week ... We didn't know when [the fund] would open for application, they just said some time from May so from May 1 we needed to be ready."
Only 155 companies have successfully landed rescue cash from the Future Fund so far, and Brodersen knows that others will slip through the cracks thanks to its narrow criteria.
What a great feature. Big things to come from Sara and the rest of the Canaree team!
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