Amjad Khanche on Funding your App Development
Unless your best friend is a genius developer, you’ll likely need to hire an app development company to turn your idea into reality. To make this possible, you will need to raise capital to cover the operational overhead and all other business-related expenses. You need to raise money for your app the same way you would raise money for a new business venture. You can raise capital from family, friends or outside investors – essentially, anyone who believes that your app idea is valuable enough to generate a return on interest. Amjad Khanche takes you through how to get funding for your app development.
Types of app funding explained by Amjad Khanche
Pre-seed funding is a means of providing support for your app endeavour and is not so much an exchange of equity in your business. It is more so a means of helping your idea get off the ground. This type of funding generally comes from the app founders themselves or those close to them, such as friends and family. Other sources include startup accelerators, angel investors and crowdfunding.
Series A funding
To receive series A funding, you need to demonstrate that you have an actual MVP and not just a great app idea. To get series A funding, you can join a top-tier accelerator, leverage your existing network and nurture your angel and micro-VC connections. Attend as many new meetings as possible and build and nurture genuine relationships with investors to improve your chances of receiving funding.
Series B funding
The Series B round of funding is about taking your app to the next level, past the business development stage. This is about raising capital so that you can continue expanding. During this stage, Series A founders may re-invest in your app, while other investors will use this as an entry-point for funding your business.
Series C funding
The Series C funding stage occurs when your app has already demonstrated significant traction. During this stage you will get funding not to build your app idea, but to develop new ideas for the app that you have now built.
If you need help getting funding for your app idea, Amjad Khanche can help. He can provide advice, guidance and connect you with potential investors within our network. Please click here to get in touch with him.