🚀 Hard startups are easier, BLK and UNA Watch raise, Aveni Octopus deal.
Plus diving deeper into SEIS and EIS Advanced assurance.
Here's your Campfire for the 17th of March, 2025.
💼 Johnston Carmichael are a leading accountancy and business advisory firm, with offices throughout Scotland, in Newcastle and London. A partner owned firm for over 85 years, they have grown to offer core and specialist services to business of all sizes. With specialist sector teams, they are fast becoming one of the most trusted advisers for entrepreneurs, founders and businesses that are successfully scaling. Talk to the team today to discuss what growth stage your business is at.
Hard startups are easier
By Naz Malik, Founder of Onfolk, which recently was acquired by Tide.
Building a hard startup is in many ways, easier than building an easy one.
Consider an example of a hard startup like building rockets versus an easy startup like a form builder SaaS tool. At first glance, you might think the easy startup is simpler because you can get it up and running quickly, while the rocket startup requires years and millions of ££ to develop a prototype.
For an easy startup, it's a challenge to maintain interest and attract talent. What do you post on social media if you're a form builder? In contrast, if you're a rocket company you can just share rockets blasting off and you get all the best people in the world's attention because the best, smartest people want to do stuff like build rockets.
This isn't my original perspective, it's actually from a talk I heard from Sam Altman. But it's resonated with me and the more startups I experience, the truer it feels.
While at Monzo, I saw this first-hand as they were doing something really ambitious in the UK. It was a pretty audacious idea to build a bank. Compare this to then me going off and building a payroll software and trying to build and recruit for that.
Now, when I hear people talk about an easy startup like a SaaS tool, and how it makes sense, and there's a big market and it's easy to get spun up, I always think of that talk. If it's easy, then you'll do all the easy bits first, and then everything is hard.
If you're aiming for a big, ambitious venture, it's actually often easier to raise and attract talent. VCs are drawn to big bets, and ambitious projects make it easier to market yourself and your company.
Even though the thing will be hard, everything associated with it will be a lot easier. Scottish founders should be 100x more ambitious.
Want to write for Campfire? Get in touch!
🌊 Updates
⌚ Edinburgh-based UNA Watch (GPS sports watch) raised £300K in funding from SFC Capital to develop its modular, repairable GPS sports watch. Challenging industry giants like Apple and Garmin, the startup aims to launch its patent-pending technology on Kickstarter in March. TS SFN IN
🤖 Edinburgh-based Aveni.ai has partnered with Octopus Money to enhance financial advice with AI. Following a successful trial, Octopus Money is integrating Aveni Detect and Aveni Assist to improve client support and ensure Consumer Duty compliance. The AI tools automate note-taking, report generation, and quality assurance, “enabling more personalised and efficient financial coaching”. SFN SBN
🏆 Twenty Scottish businesses have secured a share of the £400,000 Regional EDGE prize to boost local economies. Winners include Dundee-based MedAscend (clinical communication skills training platform) and Rescue Winch (paddlesport safety equipment), each receiving £50,000. Sixteen entrepreneurs secured funding, with eight receiving £10,000 for innovations like Little Birdie Foods (nutrient-packed shots) and Brigid Bio (biotech treatment for high-risk fungal infections), while another eight received £15,000, including Ovis (wool pellet gardening alternative) and The Green Company (eco-friendly cleaning solutions). SBN DGT IN
🚀 Glasgow-based fintech BLK raised £50m in equity funding from Nimbus Capital to disrupt raw material trading with blockchain and AI. The investment will “fuel operational expansion, including acquiring new shipping vessels to enhance logistics, reduce shipping times, and improve supply chain reliability”. IN DGT
🎯 Techscaler is bringing a selection of early-stage Scottish startups to London for the ‘Techscaler London Investor Showcase’ on March 12. The event will feature pitches from startups like nuuri (nursery-parent platform), UnityflowAI (speech recognition for businesses), and &munch (mobile food marketplace), among others. The showcase will also include an expert panel on early-stage investing, featuring speakers from GuessWorks, Ada Ventures, and FounderCatalyst. DGT SS
🇪🇪 Applications are open for the Estonia 2025 Foras Ventures Programme taking founders to the Latitude59 conference in Tallinn. Deadline is 28 March. More details here and below.
📣 Asks & Offers
🚨Start to Scale by Shepherd and Wedderburn is offering eligible subscribers of Campfire exclusive access to their ‘Start to Scale Hub’ which helps companies create template legal agreements in minutes for free. To learn more and request access click here.
👔 Firstport is hiring a Growth Advisor (part-time, 2-year contract) and an Investment Associate (full-time, permanent) to support social entrepreneurs scaling their impact. Both roles are home-based with access to the Edinburgh office. Deadlines and more information: Growth Advisor – 28th March, Investment Associate – 9th April.
👭 Interested in connecting with possible co-founders? Fill in your listing on Cofounder Curious today! Connect with others for possible cofounder matching here.
👷Are you hiring? Send us a blurb and we’ll include it in the next newsletter!
✍️ Want to write something for Campfire? Have an opinion you'd like to share? get in touch!
💷 When is SEIS/EIS Not a good fit?
By Robert Gelb, written in partnership with Johnston Carmichael
Last time, we learned from Stephen Oates, head of Entrepreneurial Tax at Johnston Carmichael, the basics of SEIS/EIS and what some of the requirements are to qualify (you can read that here. Aside from a lack of qualifying requirements, Stephen points to other reasons why you might not want to go for SEIS: "It might be that the individual is putting in wealth themselves and find it easier to get money from another source, or they're reluctant to give up the equity, which can be very important if they're interested in VC later on."
Stephen also sees the challenging side of the SEIS landscape, where a founder feels the cash pressure and may be tempted to make certain decisions that have knock-on effects, "For a lot of these founders, their business is their baby, it is everything to them. So they would rather potentially give up equity to save it and then further down the line, unfortunately there can be consequences of that initial decision, especially when it comes to VC. Founders need to be careful that on the journey to get there they have not over-diluted themselves such that when a VC potentially looks at a deal, they might potentially be faced with saying 'The founder is the heart and soul of this company, but they've diluted themselves too much to the point where we feel they are no longer incentivised, and therefore it's not a business we are able to invest in.'”
Engaging with early stage investors who are primarily looking for SEIS relief can muddy the waters. They often aren't professional startup investors, they want their relief, and they also want their return. This combination can make for a very difficult take-off for highly ambitious companies. "One of the key conditions for SEIS/EIS, despite the taxes, is that there has to be a risk. Some founders might not have much choice when it comes to investors, and if they can't get a feel for what the relationship might be like, this can have consequences. If you can step away from feeling like you have no other choice, you'll always be able to be in a better strategic position."
Advanced Assurance is not a guarantee
Stephen and his team also have experience from the other side of the coin: advising investors about SEIS and EIS relief. One thing that he sees again and again is that not all Advanced Assurances are made equal:
"I had one across my desk the other day where we've got an investor saying that they want to invest a significant amount of money into a business who has Advanced Assurance, and wanted reassurance from us that the Advanced Assurance guarantees EIS qualification for the investment. And my response was that unfortunately all the company has done is complete a form. I can give no guarantees whatsoever because they've not provided HMRC with all their information. And HMRC themselves in their guidance manuals indicate that an Advanced Assurance with limited disclosure cannot be relied on by an investor. It very well may not be worth the paper it's written on."
Stephen argues that not all Advanced Assurances are created equal. "It is often the case that the client is not getting guidance or advice as part of their engagement. Instead they're just essentially getting a template from which to make the submission. If that person isn't a specialist in this area, how can they know if there's an aspect of what they're submitting that is wrong? Because they don't work within the legislation every single day, they'll be making the submission with the best intent, but still potentially miss something considerable that might hurt or help them going forward."
While startups should rightly be looking to be prudent with their cash, Stephen points to Advanced Assurance as one area he'd recommend getting expert advice, "Our view is that a submission must be detailed and it must lay out all the steps and requirements such that in a future cross examination it would stand up."
Next time, we'll dig into the common pitfalls and suggestions that Stephen has for startups interested in going down the route of SEIS/EIS.
This is part two of a three-part series of articles covering SEIS and EIS (find part one here), written in partnership with Johnston Carmichael. Johnston Carmichael is a full-service accountancy and business advisory firm that works with founders and startups (including many spinouts) from pre-launch through exit, and beyond. Find out more information or get in touch with Stephen and the team for a chat here.
📅 Events
💼 17/03, 10:00 🗺️ Online: Online Office Hours with SEIS-GO: Securing SEIS/EIS Advance Assurance: Meet with an expert Legal Consultant from SEIS-GO for direct, personalised advice on S/EIS! MORE INFO
🎯 18/03, 09:00 🗺️ Dundee: SMAS Best Practice Visit to Direct Soccer Ltd: Visit Direct Soccer Ltd and discover how SMAS supported the company on its continuous improvement journey. MORE INFO
💡 18/03, 09:30 🗺️ Glasgow: Clean Heat Retrofit Innovation Challenge Showcase: We’ll bring together public, private, and third-sector organisations to share their expertise and show what’s driving clean heat’s growth. MORE INFO
💰 18/03, 14:00 🗺️ Edinburgh: Becoming an Angel Investor (Edinburgh): UKBAA and British Business Bank are launching a series of regional activation events designed to broaden access to angel investing and empower investors to build more inclusive portfolios. MORE INFO
🎙️ 18/03, 18:00 🗺️ Edinburgh: TestTalks: Edinburgh: Join us at TestTalks: Edinburgh for a evening of engaging discussions and insights on all things testing! MORE INFO
💻 18/03, 18:30 🗺️ Edinburgh: March Meetup - Immersive experiences in the browser: Our talks aim to introduce members of the community, fostering networking, mentorship, learning, and collaboration. Everyone is welcome—whether you’re a beginner or a seasoned engineer. MORE INFO
📺 19/03, 10:00 🗺️ Edinburgh: VBI & AIA Joint Showcase Day: This year’s Joint VBI and AIA Showcase Event brings together 35 early-stage companies and 12 later-stage companies to share their ideas, solutions, and business strategies. It’s a unique opportunity to meet founders, academics, investors, and ecosystem partners—all in one place. MORE INFO
🔌 19/03, 17:30 🗺️ Edinburgh: Prewired: Prewired is a relaxed programming club for anyone under 19! MORE INFO
🇪🇪 19/03, 18:00 🗺️ Glasgow: Baltic Nights: Estonia Mixer by e-Residency: Enjoy food, drinks, good vibes, and chat to like-minded people that just might change the way you think about the EU and international growth. MORE INFO
🍺 19/03, 19:00 🗺️ Aberdeen: Aberdeen - Small99's People, Planet, Pint™: Sustainability Meetup: Pop down to your local People Planet Pint meetup to find more about what's going on locally with sustainability and how you can get involved. MORE INFO
💳 19/03 - 20/03 🗺️ Glasgow: Wise Office Hours – Glasgow: Growing beyond the UK? Wise’s Global Partnerships Manager Naomi Feltham is running 1:1 sessions to help founders streamline international payments, funding, and scaling. MORE INFO
🍳 20/03, 08:30 🗺️ Edinburgh: Continuous Improvement Business Breakfast Workshop: Join our breakfast workshop and learn how lean manufacturing can help engage staff and create sustainable changes that benefit your company. MORE INFO
🎤 20/03, 09:30 🗺️ Edinburgh: Practicing Your Pitch: Structuring Your Pitch Deck for Maximum Impact: Join us in this in-person event where we'll be looking at the power of pitch decks, with expert guidance to send your confidence sky high. MORE INFO
🚀 20/03, 10:00 🗺️ Online: Selling Your Business Masterclass: Do you have a business succession plan in place? Have you considered selling your business to an Employee Ownership Trust? MORE INFO
💼 20/03, 10:00 🗺️ Edinburgh: Hiring an effective leadership team: Looking to hire the right leadership team or senior executive? Not sure where to start or been unable to attract the right person? MORE INFO
📍 24/03, 18:00 🗺️ Edinburgh: Startup Founders Meetup - March 2025: Tactical fireside chats with experienced entrepreneurs and speed networking with other founders, potential cofounders, and investors! MORE INFO
🎯 25/03, 10:00 🗺️ Edinburgh: Co-Work Club Edinburgh: Tired of the home office grind but not ready for the daily commute? Say goodbye to crowded coffee shops and the endless search for a quiet Zoom spot. We've got the solution: Welcome to Co-Work Club @ Kimpton Hotel, Edinburgh. MORE INFO
🌱 25/03, 17:30 🗺️ Edinburgh: Growth Meetup Scotland | March 2025: Connect with Scotland’s startup growth community! MORE INFO
🤝 25/03, 18:00 🗺️ Dundee: Dundee Data Meetup: March 2025: Whether you’re a data practitioner, a student, or simply interested in how data shapes our world, come along and be part of our growing community! Stay tuned for updates on speakers and topics! MORE INFO
📈 25/03, 18:00 🗺️ Glasgow: Founders Dinner: Fundraising made simple: This exclusive dinner dives into the investment landscape, from venture capital to alternative financing, and how to choose the right path for your company. MORE INFO
🍃 26/03, 09:00 🗺️ Glasgow: Clean Heat 2025: Come along to Scotland’s largest annual clean heat event in March 2025. MORE INFO
🍀 26/03, 09:00 🗺️ Dumfries: South of Scotland Hydrogen Innovation & Brokerage Event: Join us at Easterbrook Hall on March 26th for the South of Scotland Hydrogen Innovation & Brokerage Event, featuring expert speakers and net. MORE INFO
🌐 26/03,10:00 🗺️ Dumfries: Selling Internationally via Ecommerce - Dumfries: Whether you are starting out, or expanding your retail operations, there are multiple opportunities to going global. MORE INFO
💭 26/03, 10:00 🗺️ Online: Solutions to Your Tech Challenges – Techscaler and Digital Dairy Chain: In partnership with Techscaler, Digital Dairy Chain is hosting an online event for farms and dairy supply chain businesses to connect with and hear from a range of technology companies who are looking to break in to the industry. MORE INFO
📢 26/03, 18:00 🗺️ Edinburgh: Entrepreneurs Social Club (ESC) - Edinburgh Startup Meetup: The social club for founders and aspiring entrepreneurs - skip the talks, presentations and lectures - and go straight to networking! MORE INFO
🛡️ 27/03, 08:30 🗺️ Edinburgh: Scot-Secure 2025: The conference hosts 350+ cybersecurity attendees, 30+ speakers and 25+ exhibitors. MORE INFO
🩺 27/03, 10:00 🗺️ Aberdeen: Barclays Eagle Labs at One Tech Hub Drop in Clinic Mar 2025: Drop in and let’s have an open discussion about your business goals and ambition and learn more about how your ecosystem manager here at Eagle Labs can support you and your business here at One Tech Hub. MORE INFO
💼 27/03, 10:00 🗺️ Online: Online Office Hours with Lawrie: Managing and Protecting Your IP: Meet with a Director and Patent Attorney from Lawrie for direct, personalised advice on IP! MORE INFO
👔 27/03, 10:00 🗺️ Online: The Employee Ownership Transition: A Deep Dive: Do you want to deepen your knowledge of the EOT process when considering a transition to employee ownership. Attend an interactive workshop. MORE INFO
⛓ 27/03, 17:00 🗺️ Edinburgh: Blockchain Scotland Meetup: Welcome to the Monthly Blockchain Scotland Meetup at the Bayes Centre in Edinburgh. The event takes place at the ground floor in G.03. MORE INFO
💥 27/03, 17:30 🗺️ Edinburgh: Breaking Barriers: The Path to Bravery & Better Products: Whether you’re a Product Manager, Designer, Engineer, or just curious about how great products come to life, this event is for you! MORE INFO
🍺 27/03, 18:30 🗺️ Edinburgh: Edinburgh - Small99's People, Planet, Pint™: Sustainability Meetup: Pop down to your local People Planet Pint meetup to find more about what's going on locally with sustainability and how you can get involved. MORE INFO
🍸 27/03, 18:30 🗺️ Glasgow: FuckUp Nights Glasgow Vol.IV x Startup Grind: Join us at FuckUp Nights Glasgow to laugh, learn, and embrace the beauty of mistakes – because failure is simply a stepping stone on the journey to success. There will be tons of networking, good vibes, and the best company around! MORE INFO
🛡️ 27/03, 18:45 🗺️ Edinburgh: 2025 Scottish Cyber Awards: The Scottish Cyber Awards honours the outstanding talent in Scotland and unites the cyber community for an evening of networking and celebration. MORE INFO
👨🏻💻 28/03, 09:00 🗺️ Edinburgh: Founder Friday Coworking: Join us for a day of networking and inspiration! this is your chance to connect with fellow founders, share ideas, and maybe even spark your next big project. MORE INFO
💻 29/03, 10:00 🗺️ Edinburgh: Makers gonna make - Episode 6: Whether you're a coding novice or a seasoned pro, have a recurring monthly revenue or none at all. Prefer the latest JavaScript framework, the magic of no-code, or maybe just a single index.php file, all are welcome. MORE INFO
🛒 29/03, 11:00 🗺️ Edinburgh: BUY SOCIAL FAIR: Join us on Saturday 29 March and discover amazing products from local sellers doing their bit for people and planet. MORE INFO
💰 31/03, 09:00 🗺️ Glasgow: How to Find Funding in the Low Carbon Sector: Learn about the upcoming 2025 research and innovation funding that’s available through Horizon Europe and other international programmes. MORE INFO
🚀 31/03, 13:00 🗺️ Online: Innovation, Culture and a Growth Mindset: Join this webinar led by John Metselaar and discover how to better engage and empower your people. MORE INFO
🙌 01/04, 09:30 🗺️ Glasgow: Female Founders Co-Working Club - April: Stay inspired, motivated and connected throughout 2025 with the Female Founder Co-Working Club at Glasgow Eagle Labs! MORE INFO
⚡️ 01/04, 10:00 🗺️ Edinburgh: nocode.scot 🧡 Zapier: For this month's nocode.scot meetup, we're going to be taking a deep dive into the world of Zapier. MORE INFO
🕹️ 01/04, 16:00 🗺️ TBA: SGDA presents: Games Talks Live: Short talks and networking for the Scottish games industry since 2019. MORE INFO
💻 01/04, 17:30 🗺️ Edinburgh: Tech Meetup Edinburgh - April 2025: The Tech Meetup is a monthly excuse for the tech community around Scotland to network, learn and share new ideas! Enjoy informative tech presentations from your peers, hear about exciting community projects and create new connections. MORE INFO
🤝 03/04, 09:30 🗺️ Glasgow: Bridging Communities - The Extended Edition: A one-day event to bridge communities, spark connections and inspire action. MORE INFO
🎯 09/04, 10:00 🗺️ Glasgow: Go-To-Market Without the Gamble: How to Validate Before You Execute: Learn how to build, and deliver against, an effective Go-To-Market strategy. MORE INFO
💼 10/04, 11:00 🗺️ Online: Online Office Hours with Potter Clarkson: Our Office Hours are a series of one-to-one sessions with various experts from the legal and accounting sectors to support tech startup founders on their journey. In this one, participants will be able to engage directly with and receive personalised advice from IP Attornies for Potter Clarkson. MORE INFO
🌐 10/04, 14:00 🗺️ Edinburgh: The Nature of Connection - TetraMap Workshop: At this participative workshop you'll discover the power of TetraMap by trying it out and exploring how you can use it for your own personal growth or for team and organisational development. MORE INFO
🎯 Deadlines
🇪🇪 Applications for Estonia 2025 Foras Ventures Programme are open! Apply if you're a UK-based or UK-focused founder with a scalable global business model, ready to fully commit to the programme (18–24 May 2025). You should align with the conference themes, meet EU/Estonia entry requirements, and be eager to elevate your business. Applications are open until Fri 28th March, 5pm. Apply here.
Think someone would like this issue? Forward it to them! Check out previous issues by subscribing.
That’s all for this week - have a great one!
Team 🔥 Campfire