Task today announced their inclusion in the September cohort at The Accelerator Network (TAN). This is a major milestone for Task who are now working with TAN on their mission to close a £1.2m seed round.
“We spent time assessing different partners to work with in this seed round to drive commercial growth, and for us the team at The Accelerator Network are way ahead. We really like their structured approach and the way they provide independent mentorship over a 12 week programme. We see them as a long-term fit as we grow from this seed round to a Series A” says Steve Walker, CEO at Task.
Task is building the £1.2m round through 3 tranches - £300k at a £3m valuation cap, a middle tranche of £400k at a £4m valuation cap, and finally £500k at a £5m valuation cap.
Steve continues “Two investors have already completed at the £3m level, and we plan to close this tranche by the end of September, working with The Accelerator Network to complete the subsequent higher value rounds”.
The Accelerator Network was one of the first UK accelerators set up in 2011 as well as the first accelerator invited to join the UK Business Angel Association. To date, TAN has accelerated over 1,300 startups, helped raise £130m+ of seed funding, and £350m of follow-on funding.
“We are thrilled to count Task among our 10 selected companies for our upcoming 27th semester of the Accelerator Academy. We’ve recognised their tremendous potential for growth as they optimize processes, communication and transparency for social impact driven organisations,” says Clarelisa Camilleri, Programme Operations Manager at The Accelerator Network.“ Through our team’s expertise and the mentor/experts’ knowledge, we aim to provide Task and our other nine finalists unrivalled support to help them scale and achieve global impact.”
This announcement is a major milestone for Task who have seen their remote tracking and team engagement technology increase in relevance during the Covid pandemic.
“Like many businesses, we felt the impact of the pandemic - however, the need to support relief efforts and localised initiatives has never been more important. We’re discovering a myriad of opportunities in which Task is able to help nonprofits and for profit organisations navigate the remote based working world” says Steve,
“The funding will be used to grow the client base of the business on top of its proven product offering and existing customers, providing a commercially exciting investment that will also help many people during the Covid pandemic.”
Other recent updates from Task have included:
- Largest single investment to date closed in the current seed round
- Strategic partnership with "Animal Food Banks" who have invested in Task and will be developing opportunity in the Canadian markets
- Product developments to alleviate food insecurity during Covid including delivery route mapping and direct integrations to Google services
- New members joining the advisory board including Oliver Wagg, Steve Gibbons and Simon Meyer
For further information, or to find out more about the Task investment opportunity, please email the team via email@example.com.
About Task: We understand the challenge of balancing an organisation's social mission with financial performance. Task helps you simplify team engagement, create measurable impact, and ensures the reputation of the brand adds value to your business.
About The Accelerator Network: The Accelerator Network (TAN) is positioned at the centre of the UK tech start-up scene as it ensures accountable acceleration across the UK and internationally, delivering a range of start-up / scale-up support programmes. Set up in 2011, as one of the first UK accelerators, the Accelerator Academy, was also the first accelerator invited to join the UK Business Angel Association. Up to date, TAN has accelerated over 1,300 startups, helping to raise £130m+ of seed funding, and £350m of follow-on funding.