Advised on Capital raisingTehnologija
Provided early stage development financing
Bondaii is a start-up concept with a fully patented application designed to enhance and manage individual relationships and contact databases. The software will run on 85% of mobile phones using J2ME Android and iOS platforms. Other key components are a remote database connected through the Internet and short range communication between two devices in close proximity.
Bondaii is an innovation in the domain of mobile applications. It is a very simple way to interlink people using any mobile phone on any network. What this means to our users is that you will not need business cards, enter information on small mobile key pad, or lose contacts with someone when you lose your mobile phone.
Two investors were identified in the critical pre start-up phase willing to finance the move from an idea to a team of developers getting the programme ready for Beta launch. The first investor was an angel investor, a private individual who invested equity in the company and the second investor was a regional development fund from the UK that was willing to lend funds to the company provided there was an equity backer.
The Angel Investor acquired a minority stake in the company and the option to invest further on an equal basis to any new investors entering after the beta phase is completed and commercialisation of the project can be ascertained. The Fund has retained an option to follow up the initial funds with equity type instruments once beta testing confirms the commercial potential of the product.
Founder of Bondaii Ltd
It has been a very long process, especially during the recession, which has meant that the number of investors available was considerably reduced. But in all honesty IMAP was able to give me the kind of moral and technical support that everyone in my shoes needs desperately badly. They worked really hard to use all their contacts and to make new ones in the VC sector. Importantly, they understand what challenges these projects are faced with, and have a strong sense of what it takes to make a project fly with the investment community. It is very hard to break ground in this territory and IMAP committed to helping and undertook to raise financing and met the promise. For this I am a true believer that advisory services such the ones provided by IMAP are essential. But don’t expect them to be kind to you. They are not sweet talkers and will more often than not be very honest about your project.