Claimer, the London-based platform that eases the claiming of R&D tax credits for businesses, has raised £300,000 ($3.5 million) as its seed round. The new round has been led by several individuals including Nick Telson and Andrew Webster, the former Founders of DesignMyNight; Rupert Loman, the Founder of Gamer Network; Ben Holmes, the Former Partner at Index Ventures along with an investment firm TrueSight Ventures.
R&D tax credit is a subsidy of UK government and renowned in tech startups in order to encourage innovation, the process of which has been streamlined by the Claimer. According to the company, its product is 10X faster and 6X cheaper than a tax consultant.
Adam McCann, the Founder of Claimer states, “Claimer is fixing the R&D tax relief space with tech. If you’re not familiar with the scheme, it’s run by HMRC and allows U.K. businesses to claim back up to 33% of their research & development costs as a cash payment in any industry, such as software and hardware development, manufacturing, textiles, biotechnology, foodtech, and many others.” He adds, “Most accountants don’t have the in-house expertise to process claims, so they refer clients to R&D tax specialists. For many companies, the process is slow, expensive, and frustrating, because these specialists charge very high fees, often taking weeks to process claims.”
Adam includes, “We’ve processed claims ranging from £1,000 to over £2 million with a 100% success rate (i.e. no rejections or reductions). Our customers have also awarded us 5 stars on TrustPilot. And yes, we’ll be claiming R&D tax credits for developing our R&D tax credits platform.”