Together with the European fund Pitchdrive, SFC Capital—which is known as the most active early-stage venture capital firm in the UK—led the investment. Angel investors, including Nick Dodd, a co-founder of SkyParlour, a FinTech marketing firm, and a former partner of Debt Advisory at KPMG, strengthened the round.

Lemon has raised £500k to advance its infancy phases of development. SFC Capital, Pitchdrive, and eminent angel investors who have joined Lemon's advisory board also contributed to this investment round. In addition to providing financial assistance, this varied collection of investors offers Lemon a plethora of strategic counsel to help steer it through its early stages of growth.

By allowing SMBs to centrally manage their software as a service (SaaS) subscriptions, Lemon offers a vital service. Companies frequently spend more than £30,000 a year on SaaS, but many are not aware of the total expenses. With Lemon's platform, businesses can monitor and manage their SaaS spending and potentially save an average of 20% on prices. This application is intended to help small and medium-sized businesses (SMBs) improve operational efficiency in a variety of areas, such as marketing, accounting, and human resources.

The money raised in this round will be used to recruit additional personnel, including Chief Technical Officer Matt Parke and a Content & Community Manager who will start work immediately, in order to expedite product development. Based on input from early adopters, Lemon hopes to improve features like quick credit choices at checkout, which offer significant cost savings on yearly SaaS services while preserving monthly payment flexibility.

This financing infusion is especially relevant since it shows that investors are still confident in novel FinTech solutions even in the face of a general decline in industry funding. The improvement of Lemon's product characteristics is anticipated to have a major positive impact on SMBs worldwide by lowering expenses and promoting more financially stable businesses.

Announcing his excitement for the investment, SFC Capital's Investment Executive Ed Stevenson said, "We are really excited to be backing Lemon in their pre-seed round." Being able to save expenses, centralize administration, and quickly identify inefficiencies is extremely beneficial because SaaS is a significant investment for many firms. We think Lemon's plan to bring fast credit, payments, discoverability, and analytics will help it grow into a market-leading solution. We are happy to accompany Matt and the team on their adventure.

Lemon CEO Matt Bird echoed this idea and emphasized the larger economic backdrop, saying, "It's evident that we're going through a really interesting period for SMBs at the moment." Given the difficult economic climate and the fact that capital is becoming increasingly scarce, SMBs today want the resources and services to enable them develop stronger companies as profitably as feasible. We truly believe Lemon may become an essential component of an SMB's SaaS strategy, as software accounts for the third-highest spending category for SMBs.

Co-founder and managing partner of Pitchdrive, Koen Christiaens, endorsed the idea as well, saying, "We fully believe in Lemon's vision and can see how much of a gamechanger the solution can be for SMBs." Most organizations still find managing subscriptions to be a hectic chore, so we are thrilled to have a single picture of subscription spend in addition to the opportunity to secure sustainable financing that lowers burn and increases cash-flow efficiency. Over the next few years, we think Lemon can become a household name in the SaaS sector.