You might already know a bit about Weldingdroid. In 2019, they participated as a brand new startup in DR’s “Løvens Hule” (Danish equivalent to Dragons Den), where they secured investment from both Jesper Buch and Jacob Risgaard by showing drive and a clear business plan. Later in 2020, we followed them in the show "Welcome to Reality", where the pandemic crisis pressured the budding robot comet to go all in on sales to secure the company's future.
Soft funding became the solution to a resource problem
It was the pandemic crisis, which made founder Kevin Christensen think outside the box about financing innovation projects:
“We are a development company, and we just have to acknowledge that it is expensive to develop new products. Not least when, like us, you want to develop something that no one else has done before - and we have some giants in the welding industry who are constantly breathing down our necks if we are not fast enough and innovative enough," says Kevin Christensen.
Therefore, Weldingdroid turned to Techfunding.eu to uncover the possibilities of acquiring soft funding for a number of major development projects.
Kevin Christensen elaborates: “We have previously received a small grant from Innobooster for a development project, but the time it takes to write an application is time away from what I am best at - developing welding robots. And at the same time, I knew we were going to need more funding this time and therefore there would be greater demands on the application. So it was quite obvious to get Techfunding onboard for this.”
2 applications - 2 grants - 2 million
Techfundings consultants identified 2 funds that could initially help Weldingdroid progress. I.e. Innobooster with almost 1M DKK for a project and a small EU-supported fund: WeldGalaxy, that specializes in funding innovative companies in the welding industry also with almost 1M DKK for a project.
“It was a huge help to get Techfunding to solve this task of finding the best funds and actually writing some qualified applications. I have spent significantly less time on it than I otherwise would have done. And then I'm just happy and satisfied that today I have about 2M DKK in the bank, for developing our welding robots. It gives peace of mind,” says Kevin Christensen, founder of Weldingdroid.
With grants for two development projects, Weldingdroid has a strong starting point for staying at the forefront of innovation in their industry.