Otty – E-commerce Business Expanding Operations

The founder of Otty, Michal Szlas, met Metric when the Group was funding its operations organically. Michal knew however that in order to avoid losing market share to its competitors it needed to undertake a funding round to have the ability to finance further growth.

With help from Metric, Michal considered the various funding options available before pressing ahead with a small “seed” round of investment and then, in due course, a larger “Series A” raise.

This has allowed Michal to expand operations, entering the B2B market and overseas markets.

Michal recognises the importance of having a professional advisor that understand high-growth companies:

“Metric have worked with me to help me grow the company to where we are now. They are professional and available to help whenever required. They are also very knowledgeable about the market and have helped me with raising money as well as other corporate matters. As a result, they helped take the Company from turning over £25k a month, to almost a million per month. Helping me raise money which has definitely aided the business growth and which has been greatly appreciated.”

Looking ahead, the Group is entering a new phase of growth, to reflect the demands of a larger management team and shareholder base. This places greater importance on the need for accurate gross profit margin analysis and forecasting, which Metric are helping to develop.

We asked Michal what his advice for other companies would be that are growing rapidly, with all the benefits and potential pitfalls that this brings. Michal said:

“Build strong relationships with the people and companies you think are going to see you through the growth and take your time to perfect the product.”

Wise words indeed.