Ruffly raises £300k to help eliminate software costs
Matt Farrugia: changing expectations
Ruffly, a Scottish startup which aims to eliminate the cost of software planning failures, has closed a £300,000 pre-seed funding round led by Techstart Ventures.
It was founded in Edinburgh by software entrepreneur Matt Farrugia who says its software changes the expectations of what can be predicted using data-led insights.
The funding will support the growth of the team and the development of the product for its full launch.
Mr Farrugia said: “The digital economy is 22% of global GDP and yet it’s an inside joke that software and IT projects often overrun. Studies have shown that two-thirds of projects have planning failures. That’s a trillion-dollar collective failure of our industry.
“The world is increasingly project-centric but many project managers still rely on spreadsheets for planning. If you think about that for a second, it’s astonishing that the standard tool for planning is the same as it was pre-internet.”
Calum Forsyth at Techstart Ventures, said: “We are delighted to lead Ruffly’s pre-seed round. Matt has great passion and knowledge of software planning, and we have been hugely impressed by the ambition of the Ruffly team.”
Mr Farrugia founded software development agency Bemo, before selling it last year and setting up Ruffly with a founding team of ex-agency colleagues. He is an early stage investor in Scottish AI startups Pasabi and Machines with Vision and an active member of the Scottish startup ecosystem.