21 July 2020
Panintelligence CEO and co-founder, Zandra Moore recently spoke to Insider Media about the challenges her business has faced in recent months. The Leeds-based technology firm completed a Series A funding round of £4.5m in November 2019 which was backed by YFM Equity Partners. A condition of the YFM investment was the introduction of sector expert Howard Bell as Chair.
Zandra, who co-founded Panintelligence with Ken Miller (both pictured above), said:
“There’s no doubt that having Howard and our investors on board to consult and advise during a never-before-seen global crisis has been just as valuable as the funding we raised. We have got to know other YFM investments too, and compare notes, on a confidential basis. We have been able to maintain a focus on our longer term planning. It’s made a world of difference and, I suppose, timing is everything.
Of course the board has helped us to think carefully about focusing resources and whether to conserve resources where sensible, and also to be very realistic about reforecasting in an unprecedented time.
Throughout the process, YFM challenged but also listened to and supported us, believing in our commitment to the longer term and our knowledge of the business they backed. After re-budgeting lots of scenarios, we were supported to limit furloughing only to roles which saw an immediate impact, such as the events and face-to-face client handling teams, and we’ve already started bringing people back into the business. We had to set out clearly the areas we wanted to invest.”
Mike Clarke, an Investment Director at YFM who lead the 2019 investment round, is also quoted in the article. Mike said:
“We’re passionate about the businesses we support, and the close relationships we develop were particularly valuable during the early days of tough choices. We have over 40 investments across the portfolio, and shared experience and insights were being discussed within our team of 20 partners and directors that naturally accelerated the learning of our invested boards.”