A fast-growing consumer-tech business has secured a £1million growth loan from the Greater London Investment Fund. The funding will be used to hire new staff, move to larger premises as the team grows and invest in sales and marketing.
StoryTerrace have created a platform which connects everyday people with professional ghost-writers, meaning that everyone can have their life story, or the life stories of their loved ones, documented in a professionally curated autobiography, biography, or series of memoirs.
Packages are popular gifts for milestone birthdays, anniversaries, or other momentous occasions. To date, StoryTerrace has brought to life over 2,500 stories using a network of over 650 professional writers – the largest of its kind in the world. Many of these writers have been published by the world’s most prominent media and publishing houses, including Penguin Random House and Hachette Book Group. Others have topped The Sunday Times and New York Times bestseller lists.
Each client is carefully matched with a writer who can best emulate their own voice and reflect their personality, interests and background. The writer then interviews the client to craft their story, recording anecdotes to create an authentic testament of the client’s life. Story Terrace’s proprietary platform, BookMaker, ensures that the storyteller and writer can stay connected every step of the way. The storyteller can request changes while the in-house editorial team handles the rest of the process. The result is a beautifully produced, hardback book with colour images that is delivered to the client’s home for them to share with family and friends.
Rutger Bruining, Founder of Story Terrace, said: “Creating professional stories for people is a true honour, we’re delighted to be able to bring a person’s experiences to life for others to enjoy time and time again. Our audience sees the value in our service which is resulting in an increase in orders. We’re growing quickly as a company and will use this latest funding to match the pace of demand. Our thanks to David and everyone at The FSE Group for their guidance throughout this financial process, it plays an important part in our company story.”
David Booth, Investment Manager for The FSE Group, which manages the £55 million debt fund on behalf of Funding London, commented: “StoryTerrace has strong growth potential in terms of geographical reach and customer base. Expertly led by a team of highly experienced marketing and brand experts, the Company is well placed to continue on its current trajectory of success. We look forward to working with Rutger and the wider team on the next stage of their journey.”
Maggie Rodriguez-Piza, CEO at Funding London, adds: “With extensive in-house expertise, Rutger and his team are well positioned to deliver Story Terrace’s growth ambitions. We are delighted to support the company’s team expansion and the increasing demand for their service.”
GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & Recycling Board (LWARB) and Funding London’s Legacies.