The British Business Bank has announced a significant £1.5m equity investment from the £130m Investment Fund for Wales, into accountancy-focused automation company, Bots for That.
Bots for That provides intelligent software alternatives for repetitive, manual tasks within accounting and bookkeeping practices by deploying bots to free up professionals to focus on higher value tasks.
The Investment Fund for Wales was launched in November 2023, by the UK government-backed British Business Bank, to boost the supply of early-stage finance to small and medium-sized businesses across Wales. The investment into Bots for That was led by appointed fund managers, Foresight, who oversee the Fund’s equity investments up to £5 million.
Bots for That founder Daniel Lawrence, who has always been involved in operational efficiency and productivity enabling technologies, founded Bots for That in 2015. With the advance of AI and automated technologies, this new investment will enable the company to continue to innovate and scale and has largely been invested in employment and product development at their base in Cardiff’s Tramshed Tech.
Mr Lawrence has recruited a further six employees within the last month and plans further growth over coming years, to enhance his current team of 21.
Daniel Lawrence, Founder and CEO at Bots for That, said: “AI has never been more exhilarating than it is now,” says Daniel. “And against this backdrop we are continually developing new products to present and build to excite our clients.
“From our customers’ point of view, there’s an overwhelming choice available to them and we need to make ours stand out as affordable and simple to use in this game.”
The Bots for That team researched various funding options, with Foresight’s proposition aligning with their own. “Foresight hit the sweet spot,” explains Mr Lawrence.
“The team there is very focussed and very open and honest, which works for us. They are excited by our new product and business model; by what we are and what we can be.”
Bethan Bannister, Senior Investment Manager, Nations and Regions Investment Funds at the British Business Bank, said: “The Investment Fund for Wales was created to support ambitious, high-growth businesses like Bots for That, companies with the innovation and drive to shape the future of sectors like AI. Bots for That is quickly emerging as a standout in the AI space, and we’re proud to play a part in their growth journey.
“I’m personally looking forward to witnessing their next phase of development as they continue to scale, innovate, and make their mark on the industry.”
Ruby Godrich, Investment Manager, Foresight Group, said: “We are very pleased to support Bots For That with this significant investment. Foresight’s investment via the Investment Fund for Wales will help the company to further scale and broaden its market reach as many companies seek to implement automation and AI solutions. We look forward to working with Daniel, Christian and the team on their exciting growth journey.”
