James Swanston, CEO
Voyage Control is a cutting-edge 'Air Traffic Control' for inbound logistics management. The software platform enables ground transport hubs to proactively manage, optimise, track, and communicate with their deliveries.
Voyage Control is a logistics management solution used in four major industries: construction, ports, facilities management and events. They innovate by creating sophisticated logistics and supply-chain-management software to help improve substantial inefficiencies across the three sectors.
Voyage Control had claimed before with a generalist accountant but required an alternative solution for their subsequent claim.
Due to the impact of COVID-19 in 2020, the need to focus on cash flow was critical for the business. They wanted to continue working on their R&D projects without interruption but required an advance on their R&D tax credits to do so.
HMRC requires you to file your R&D claim at your company's year-end, which would have hindered Voyage Control's ability to innovate throughout the year. R&D advance funding gets around this issue, it’s a short-term loan on your future R&D tax credits and allows you to receive up to 80% of your credits up to 6 months before your year-end.
"The reality is you do end up spending a lot of money on R&D over 12 months, and if there's an opportunity to unlock some of that capital early, it's really beneficial from a cash flow perspective.”
Working with EmpowerRD
Through our R&D advance funding service, EmpowerRD was able to provide Voyage Control with a solution. Advance funding gave the business access to 80% of their R&D tax relief months before filing their claim.
Voyage Control worked quickly with EmpowerRD to build out their R&D claim and provide our advance funding lending partner with an accurate expected claim size. Our speedy due diligence process, 100% claim success rate, and Voyage Control’s recurring solid revenue gave our provider the confidence to go ahead.
‘It’s a fast and efficient process to unlock value, which means that, as a founder, I can focus on building my business.’
Voyage Control received their advance in just 15 days, which was hugely beneficial from a cash flow perspective. It prevented them from encountering any barriers and allowed them to continue innovating.
As the claim process progressed, Voyage Control’s claim size increased. Due to our online platform and swift due diligence process, our lending partner provided them with two additional top-ups, both granted within 5 days.
Voyage Control has now claimed with us for the year-ending 20/21 and they’ve already received their advance from our lending partner.