London-based start-up Limio has announced today that it has raised £325,000 pre-seed funding to continue to develop its no-code Subscription Commerce platform.
The cofounders – Amaury de Closset (formerly of GoCardless) and Daniel Morton (Zuora, Three) – raised the round from leading angel investors including Michael Pennington (Gumtree), Matt Clifford (Entrepreneur First), Scott Sage and Krishna Visvanathan (Crane VC).
The raise follows 18 months of software development and market research with the product already in use by select customers in media and retails, such as ii.co.uk and 31Dover.
Limio is building a SaaS solution which aims to help subscription businesses to launch, grow and scale their subscription business with no-code. Small businesses can directly build highly customisable subscription commerce websites and self-service subscriber portals with no need for developers to integrate into complex billing APIs.
For larger enterprises, Limio is taking a low-code approach where marketers can still self-serve with no-code but developers can also tap in modular APIs to plug-in with the rest of their company infrastructure, such as a CRM like Salesforce.
Limio estimates that businesses are losing millions each year from loss sales due to slow time-to-market, lack of offer management flexibility, or clunky subscriber experiences which leads to low conversion and churn, as well as high costs due to developers being dragged in to troubleshoot day-to-day marketing operations.
“Daniel and I identified a gap market in the subscription industry. If you look at traditional eCommerce, you’ve got no-code options like Shopify where you can launch a shop quickly and be up and running in days.
“Subscriptions have notoriously complex logic, which make API documentation hard to understand and forces developers to build a lot of custom-logic which ultimately limits the marketers ability to create new campaigns and trial new strategies. One of our customers had their shop live and ready to take orders in 48 hours.” says Amaury, CEO of Limio.
Damien Lane, partner at Episode1, comments: “Subscriptions are radically changing many industries like retail, education, and gaming and is becoming the de-facto standard way of consuming software, media content, and utilities. But it’s still a difficult type of business to run, and it’s becoming increasingly complex as competition heats up and marketers have to launch ever more complex marketing strategies to stand out.
“That’s why we’re excited about Limio’s no-code approach to subscriptions, which means marketers have an actionable tool to increase their conversion and retention rates and can get their strategies faster to market.”