About Search IO
Search Io (now Algolia) provides an AI-powered search and product discovery engine that helps their clients maximise revenue and conversion rates on their website through outcome focused, real-time search result optimisation.
Search Io’s plug and play software allows businesses to add search and discovery powered by machine learning to any website, e-commerce store or app in minutes.
Fundabl was the perfect option to help us bridge our financial position. Their amazing team fast-tracked the funding at the right cost of capital. They are a startup that fully understands the journey that other startups go through.
Joe Ayyoub (CRO/COO)
Client Need
Buying Time to Maximise Exit Value
Search Io were in talks with various potential buyers for the sale of their company. This represented the combination of years of hard work and the founders wanting to achieve the best possible exit price.
Given Search Io’s deep tech solution, negotiations were complicated and involved, and the business owners knew that it may take some time to achieve an optimal outcome.
The team were concerned that their cash runway might lead them to feel rushed or pressured during their negotiations. They needed some short-term capital to sure up their runway and ensure that they could navigate their exit.
How Fundabl Helped
Short-term Working Capital to Extend Runway
Search Io onboarded and drew down initial funding to ensure they had the buffer to continue operating their business and manage their exit discussions.
Fundabl had provided Search Io with a facility that had additional funding capacity but in the end, they were able to complete their exit transaction earlier than they had expected.
By securing bridge funding, Search Io bought essential negotiating time to close their strategic sale to French unicorn, Algolia for $100m+ and we are proud to have assisted them in their success journey.
