INDUSTRY USE CASES
FitMyLife
FitMyLife Health Analytics Inc. was established in 2016 with a vision to transform the health of individuals by identifying what works explicitly for their unique body composition and metabolism and providing the right tools and techniques to achieve their personal fitness goals.
With a holistic, data-led model, the app offers an easy way to align your nutrition and training to reach your goals in your own way.
FitMyLife is more than just a fitness app or a calorie counter. It syncs with your Apple Watch and gathers your complete history to understand your specific health and fitness needs.
The company and its CEO, Mahima Kumar, are gaining significant traction and are poised to accelerate their growth in the second half of 2020.
“Due to COVID, we wanted to make sure we have a path forward to keep the company’s operations running and avoid any potential issues until we receive the R&D funding from the government.”
The problem.
FitMyLife was growing at an impressive rate and making use of all available resources on their journey. They had been successful in accessing government grants and R&D tax credits for several years. The problem they saw on the horizon in 2020 was a familiar one – disruption and cash flow uncertainty created by the global pandemic.
FitMyLife was expecting a sizeable tax credit payout, but they also know that with added pressure on the tax authorities, the timing of the payout could be affected.
During the pandemic, one of Sideffect’s key programs soared, increasing the amount of work they had to complete exponentially over three months. Still, a couple of months away from their next drawdown of the grant payment, Sideffect needed immediate cash flow to be able to continue and keep up their momentum, helping them reach key performance indicators along with other business expenses.
This included paying ECU and other contractors. Sideffect had earlier only budgeted for salaries that would have to be paid out monthly. However, since they contracted ECU, that amount had to be paid within 6 months instead.
Working together.
The company was searching for providers of R&D financing that had good reviews and were open to providing R&D funding at a reasonable interest rate, then they came across Fundsquire on Google.
Their main concern was that the process could be complicated and laborious, but, fortunately, they found that was not the case. To their surprise, the onboarding process was straightforward and smooth. The Fundsquire team guided them throughout the process and made sure they avoid any potential hiccups during the process.
Mahima on the process:
“We were unsure of the process, timeframe, and interest rates for R&D financing, but the team explained everything in detail very early on and made sure we were making the correct decision for FitMyLife.”
“The process was very smooth, and the terms and the interest rate were reasonable.
Fundsquire has a transparent approach and very reasonable interest rates and fee structure. It was lower than most other companies we were interacting with at the time.”
What financing meant for FitMyLife.
At the time of accessing Fundsquire financing, FitMyLife was a company that was healthy and growing but needed a little security around their R&D repayment.
Fundsquire was able to provide that quickly and for a market-leading interest rate, so Mahima and her team could focus on growing the business and navigating the troubled waters of a global pandemic.
The final word.
When asked for the best reason she would recommend Fundsquire to other companies, Mahima replied:
“Fundsquire is fantastic. Very professional, responsive, and you care about your clients’ business, which is extremely important. I 100% recommend Fundsquire to other companies that are facing challenges.
We appreciate your help.”
Have a question?
No business or path to growth is the same. if you have a question about which funding solution might be best suited to your business, get in touch with us today.