“After nearly two years without revenue or committed paying customers, we realised we lacked a clear path to the necessary scale and returns.”
Tract raised £744,000 to fix Britain’s housing crisis with planning software and earned nothing in two years. It spent £25,000 on legal fees for a deal a simple SAFE would have covered. Planning permission multiplies land value 139 times, and the founders still could not charge more than £50 a month. They gave back what was left.