The following article regarding business partners shortening cycles in software and payment is from a case study on SageTea Software by FundThrough.
“SageTea Software is an award-winning technology company led by David Long and Scott MacGregor. Founded in 2007, SageTea launched its highly innovative core product, Text-to-Software®, in 2012. Their patented technology enables users to write database reconfiguration software using natural human language, enabling SageTea’s customers to save millions of dollars and several months’ time by shortening the software development cycle.
After finding immediate success through the Build in Canada Innovation Program, SageTea encountered a gap in large projects at a time of political change in Canada. Having to reduce staff amidst an uncertain commercial environment, the tech startup couldn’t wait 30 to 60 days to get paid when projects started coming in again.
With a major project underway, CEO David Long heard about FundThrough from a fellow tech entrepreneur in his network. David inquired and heard back from FundThrough right away. David and Scott funded their first invoice as soon as it was issued and could immediately pay their award-winning staff 30 days before SageTea got paid by their customers.
SageTea continues to win new business with its innovative technology while enjoying a predictable and stable cash flow. The emergent technology has already won over MNP LLP, one of its latest strategic partners.”
Read the full report by FundThrough…