Summary
Over the recent past, the company developed a sophisticated analytics tool gaining significant traction in the market.
The product pivoted the business model from consulting to a strong recurring revenue however each contract requires upfront development costs in order to customise the tool and manage implementation.
“Winning large new contracts is the lifeblood of any company. However, as a manufacturer, often the biggest challenge is to fund these large orders as they place additional & unforeseen strain on cashflow. Leveraging our approved sales to release up to 90% of the value upfront gives us the certainty of funding we needed to manage the project financials smoothly…and stress free”
Background
FutureNova (www.futurenova.com) develops cases for Apple iPads and iPhones that allow clinical staff and surgeons introduce mobile IT into all areas of healthcare, including the demanding infection control environments of bedside care and operating theatres. These products can radically improve digital access to the healthcare industry.
The company’s goal is to be the primary supplier of medical grade cases for tablets and smartphones, and of medical grade digital input devices that communicate with tablets and smartphones. Indeed, the FutureNova iPad case has featured on major medical entertainment shows like Fox TV’s ‘The Resident’.
The Challenge
FutureNova generated sales collaboratively with Apple through the PathFinder program and at the time had won tenders with 9 US teaching hospitals and 1 UK Hospital to produce medical grade iPad and iPhone cases.
Sales are made directly to a US based Distributor – a company with a global presence in providing products to the medical industry through resellers, including Apple themselves.
The manufacturing is completed in a factory in Essex, with a UK supplier providing the medical grade plastic. Other specialist raw materials as well as costs associated with the manufacturing, staff, testing and investment in the tools were required upfront to complete the order.
The Solution
The solution that Financefair put together was to leverage the sales order they had from a blue-chip debtor, Bluestar. This resulted in was an advance of 70% of the value of the sales order up front at the start of the project when it is needed most.
The Challenge
FutureNova generated sales collaboratively with Apple through the PathFinder program and at the time had won tenders with 9 US teaching hospitals and 1 UK Hospital to produce medical grade iPad and iPhone cases.
Sales are made directly to a US based Distributor – a company with a global presence in providing products to the medical industry through resellers, including Apple themselves.
The manufacturing is completed in a factory in Essex, with a UK supplier providing the medical grade plastic. Other specialist raw materials as well as costs associated with the manufacturing, staff, testing and investment in the tools were required upfront to complete the order.
The Solution
The solution that Financefair put together was to leverage the sales order they had from a blue-chip debtor, Bluestar. This resulted in was an advance of 70% of the value of the sales order up front at the start of the project when it is needed most.
The Result
This solution meant that FutureNova met their suppliers’ payment requirements and ensured that materials were delivered to complete production and fulfil the order.
This solution and certainty of funding allowed FutureNova to take advantage of the opportunity, close the funding gap that was at 168 days, with a Peak Funding Requirement of over US$1m.
The Result
This solution meant that FutureNova met their suppliers’ payment requirements and ensured that materials were delivered to complete production and fulfil the order.
This solution and certainty of funding allowed FutureNova to take advantage of the opportunity, close the funding gap that was at 168 days, with a Peak Funding Requirement of over US$1m.
Interested in seeing what type of cashflow solutions we can provide for your business?
Email info@financefair.com
or call the team on +35316632662
or call the team on +35316632662
Learn a little more about us and our solutions here
Or apply to see how much funding you could raise in as little as 24 hours here
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