Venture Giants is a funding platform that connects entrepreneurs with vetted self-certified high net worth individuals. Entrepreneurs are able to upload their investment proposal to the online platform and the investment summary is promoted and sent out to pre-qualified registered investors that are interested dependent on the sector, region and investment amount.
Dr. Imran Farooqi is a 28-year-old General Practitioner situated in Birmingham – and as like most young doctors, the combined pressures of their occupation alongside the need to move to a new city and set up their new living accommodation appropriately was a tough conundrum.
Barely having the time to cook let alone organise electricians, plumbers and other services for their new home was problematic – and thus Dr. Farooqi looked to solve this common issue.
Having always had an interest in business alongside medicine, hailing from a family background which predominantly worked within the retail and restaurant sectors, Imran wanted to create something of his own – and that led to the creation of HouseQuarter.
HouseQuarter is one of many new start-ups which come through Venture Giants, looking to capitalise on contemporary technology to provide customers with a more efficient and streamlined service than they could ever previously access.
Having successfully raised the necessary funds he was looking through Venture Giants, we caught up with him to get a better understanding of what his business was and why he chose us to help him reach his goals.
What is HouseQuarter, and what are you looking to achieve?
HouseQuarter is a start-up, with the premise of the idea being to develop a base and mobile application platform which will allow customers to search compare and book any service they may need at home. They can utilise the platform to cross compare services and then hire directly from the firm.
The application also aids businesses directly - offering several different functions in terms of organisation, diaries, and other management aspects which can be accessed through the app. They can use this thus to both attract and take bookings from customers, while also managing their business.
There are two separate revenue streams arising from this – one being that customers will pay a small service charge, and the other being that businesses will pay a monthly subscription to advertise their firm on our site.
The point in this entrepreneurs life that made him make a leap from being a GP to creating the Mobile App - House Quarter?
My current job as a General Practitioner has led me to doing a lot of hospital medicine, working a lot of hard nights.
This combined with moving into a new flat meant that my time capacity was limited. Having to organise house services with my work schedule was impossible - having been a constant user of Apps such as Uber and Deliveroo, I thought it would be fantastic if there an app to do something similar for home services.
There is also the question of confidence - when I booked individuals such as plumbers or electricians, I was not always entirely confident with my decision. I thought it would be useful to have a better database to compare and understand the backgrounds of businesses and their employees for my peace of mind.
What will differentiate the Mobile App House Quarter from the competition?
Quite simply, the added innovation - our tools are new and different.
Many competitors do not offer customers a way to compare local businesses - often, the customers will have to take up the role of advertising themselves. In our method, we are empowering customers to make the decision themselves.
We are also offering businesses a lot of organisation tools, so we are looking to help customers and businesses.
From your experience, what appeals to angel investors on mobile app investment & the mobile bookings sector?
The sector is growing rapidly, as seen with examples such as Uber and Deliveroo. Everyone has access to mobiel apps - and it takes away the need to be wasting time making phone calls and waiting for answers to come back.
The market is growing year on year – and I firmly believe it will continue to grow to host a wide variety of different business types.
Once the platform is in place, the overall costs aren't large - and the potential revenue is exponential.
Great potential for profit at relatively low costs. As technology furthers and develops, it will only continue to grow.
Why did you choose Venture Giants to raise angel investment for your Mobile App?
I was doing online research and looking at the different options - saw an article that mentioned Venture Giants particularly, there was a lot of positive press and feedback about VGS. I had a look on the Venture Giants website - everything was very clearly laid out and explained very well. It was a very simple and easy process to follow, and that was the main appeal.
Fantastic dealing with the Venture Giants entrepreneur team - I had no complaints. I particularly liked that once I had created my proposal, there was a lot of communication regarding who my proposal was seen by and it was a very positive experience.
What was it like dealing with investors that contacted you on Venture Giants?
Fantastic - proposal put out in the evening, the next morning the current investor approached me. Being able to communicate directly on the platform, we set up Skype interviews and face to face meetings. It has been plain-sailing.
I was looking to raise a maximum of £250,000 - the investor has agreed to invest £100,000 and also provided me with access to the investor's network database, including mobile app development, marketing and mentorship.
The Angel investor that invested in the Mobile App (£100,000) had the following to say:
Venture Giants asked the investor, Raj Dhonota
that was registered as an investor on the online platform Venture Giants since 2014, and was the former Apprentice star that created a £1m fund to invest in startups on why he saw the potential in this innovative service and not the other projects and proposals we had sent him. He replied simply stating:
“We are always on the lookout for great tech ventures at concept stage and this venture fitted the type of investment we look for.
Home services is a fast growth area and the Founder was clearly someone that had done their homework and someone we felt, with our investment, had the characteristics needed to make this venture a success.”
We believe that this is an example of the success that can be found through Venture Giants and the mix of investors as well as entrepreneurs that we have registered on the platform - without the hassle and exorbitant fees that crowd funding networks charge. We look forward to following Dr. Farooqi’s story, and we are sure that HouseQuarter will prove highly successful for all involved.
Watch the Video on the Phone Interview with this entrepreneur
We all wish him the very best and appreciate the information he has provided as it will help other entrepreneurs understand the process of raising funds from Angel Investors.
On average, out of every 5 investor applications Venture Giants receives, we approve only one investor (following checks) and since launch we have attracted over 5000 investors to register on the platform and self-certify themselves.
We pre-qualify and look over each investor before approving them on the platform. Furthermore, Venture Giants keeps a detailed feedback on our investors provided by our entrepreneurs, to ensure that we can deliver the most entrepreneur tailored service that we can.
We promote entrepreneur's proposal summaries that we have approved to feature on our platform by sending it out to investors that are looking to invest in the same region, sector and funding range - and Venture Giants never pushes an investor to make contact - instead we allow investors registered to the platform to make contact on their own volition following their interest.
Many entrepreneurs have built valuable contacts through the platform that they would not have been able to make through platforms like Linkedin as the contacts we have brought together would have been outside the realm of the entrepreneur's, or for that matter investor's network.
Following Due Dilligence some investors have chosen not to invest in the entrepreneurs they have contacted, but entrepreneurs have been able to improve their investment proposition and gain valuable insight. As is listed in Venture Giants' investor profiles, many of the investors that are registered to Venture Giants are high ranking, high achieving business individuals, many of whom have built businesses and empires from the ground up. Some of these individuals are featured in the Sunday Times Rich List, and others have sold their companies for multimillion pound exit valuations. They remain committed to seeking excellent entrepreneurs, to join them on their entrepreneurial journey and they are willing to leverage their contacts, their know how, and their mentorship to provide entrepreneurs with not only a financial backing but with invaluable guidance.
Though Venture Giants’s primary role is to promote and send entrepreneurs’ proposal to prequalified investors, we do not get involved with deal negotiation between both parties and so do not charge a commission on any deals consummated through the platform. This structure has proven extremely beneficial to many entrepreneurs that have a great business opportunity and has allowed them to save 5% - 8% of commission which many of the other platforms charge on the investment raised.
The £3.8m is only a snapshot of the deals that we have published on our network and rely solely on entrepreneurs or investors getting in touch and with us to let us know that a deal has been completed. We are also obligated to uphold our clients’ desire for confidentiality, and so there are many deals that we do not disclose if an entrepreneur or investor request us to do this.
We feature the following summary highlights of deals consummated in 2016 to 2017. Should you raise investment through us, we hope that you will contact us and will allow us to publish the success story of entrepreneurial journey.