It IS possible to raise finance for your app 

If you have very ambitious plans for your app – such as turning your app into a major source of revenue for your business or a cult addition to every smartphone – then these stories of app funding from the last few days will surely give your cause for confidence.

Noom, which you may well have heard of given its prolific social media and ad presence, is a health coaching app. It pitches itself as this decade’s alternative to WeightWatchers by helping users keep track of their calories, exercise and make more sustainable lifestyle changes. It says that it helps users to stay motivated to keep weight off with its virtual coaching and tools.

It has just raised a cool $58 million in investment. The app says it will use the injection of cash to further develop its product offering.

Another good news story for app developers comes from the money management app, Plum. It has also successfully raised several million in investment, with $4.5 pumped in. Plum helps its users to develop better financial habits with a clever chat bot designed to help manage savings, investments and identify wasted spend.

So how can you raise funding for your own app?

Raising funds for your app (or any other business venture for that matter) isn’t easy. But, you can set yourself up with a strong foundation and much better chance of success by having a detailed business plan and marketing strategy which clearly lays out (with proof!) the relevancy and demand for your app. This is no small undertaking but it’s vital to your fundraising ambitions.

You should also prepare an elevator pitch, which is short presentation of your app which encapsulates all the headline details including financial projections and demand as well as detailing the gap your creation fills or problem it solves.

Once you have your homework in place, you can choose a method of raising funds:

Crowdfunding: This is a very popular choice and one that is widely available to app developers. Choose a platform such as Kickstarter or Indigogo, create your presentation and set a target.

Angel investors: Angle investors and venture capitalists are a great source of funding, especially if you’re seeking a larger amount. Competition is intense and you may well find it takes a longer-term approach to securing finances in this way.

Loans and grants: There are a range of small business loans, grants and other incentives for start-ups, offered by organisations and local authorities. Do an online search to see what funding is available in your area.