Quashed
How Swell Helped Quashed Unlock R&D Tax Credits and Boost Cash Flow
Client
Services
Sector
Year
Quashed
R&D Tax Incentive, R&D Loss Tax Credit
Software & IT
2023 — 2024
Overview
Quashed, a trailblazing New Zealand insurance platform, teamed up with Swell to secure crucial non-dilutive funding through the R&D Tax Incentive and R&D Loss Tax Credit. This partnership strengthened Quashed's cash flow, allowing them to thrive and grow in a challenging financial landscape.
Swell quickly understood Quashed’s needs and navigated the complex funding process easily, ensuring the company could focus on scaling its platform. Swell’s proactive approach helped Quashed stretch their finances and accelerate growth — in a time where raising capital for startups had been particularly challenging.
About
Quashed is an innovative Kiwi startup offering a user-friendly platform where Kiwis can shop and manage all their insurance policies in one place. With a growing base of 50,000 users and ambitions of reaching over 1 million, Quashed was eager to expand but faced the classic startup challenge: managing cash flow while scaling. "For a startup like ours, cash flow is everything," says Justin Lim, CEO of Quashed. They were looking for alternative and non-dilutive funding to support their growth and were introduced to Swell through one of their investors, Icehouse Ventures.
Challenges
Quashed faced several hurdles as they worked to manage their finances and continue scaling:
Cash Flow Strain
Maintaining cash flow was critical for growth in a challenging capital-raising environment.
Lack of Awareness
The company was unfamiliar with non-dilutive funding options, like R&D tax incentives, which could ease their financial pressure.
Complex Funding Process
Securing funds without giving up equity or getting bogged down in compliance was a challenge they couldn’t navigate alone.
Why Swell
Quashed was introduced to Swell at just the right time, when the economy and investment were slowing down, and insurance costs were increasing, causing Kiwis to review their insurance. Justin Lim praised Swell’s responsiveness and ability to quickly spot funding opportunities, including R&D tax incentives and RDTI support. Swell’s expertise ensured that Quashed maximised their access to non-dilutive funding, allowing them to make the most of available resources.
Impact & Value
Partnering with Swell turned out to be a game-changer for Quashed. Thanks to Swell’s expertise, the company secured R&D tax credits and RDTI support, which gave a significant boost to their cash flow. "They made the process easy, and I appreciated how responsive and supportive they were," Justin shared. Swell’s proactive approach meant that Quashed received the maximum possible funding, helping the startup stay focused on growing its platform. "The money in the bank is the best tangible result—it’s allowed us to stay on track with our growth plans," Justin added.
Boosted Cash Flow
Swell helped Quashed secure crucial R&D tax credits, significantly strengthening their cash flow during a challenging capital-raising environment.
Maximised Non-Dilutive Funding
Swell's expertise ensured Quashed accessed the maximum possible funding without giving up equity, allowing the company to reinvest in growth.
Simplified Funding Process
Swell's proactive guidance made navigating the complex R&D funding landscape easy, enabling Quashed to focus on scaling their platform and expanding their user base.
Conclusion
By partnering with Swell, Quashed unlocked the non-dilutive funding they needed to fuel their growth. Swell’s expert guidance simplified the process, enabling Quashed to focus on scaling its platform and reaching more Kiwis. The partnership was marked by Swell’s proactive, hands-on support, resulting in real financial gains that continue to drive Quashed’s success.
On Swell's Expertise
“The Swell team were a godsend. They really understood our business and nailed down exactly what we needed for the R&D tax credits. Nick and Michael were super responsive, guiding us through the whole process like pros. Honestly, their expertise made it so much easier for us—no way we could’ve done it without them."
On The benefits