Lilia started her multi-million business just 11 years ago (Image: Lilia Stoyanov)
In 2015, Lilia Stoyanov launched Transformify (TFY) to solve a problem most weren’t paying attention to. She realised that millions of independent workers were being treated like businesses — expected to invoice, manage payments, and understand tax — without the tools or background to do so.
“The majority of them are not accountants. They don’t have a finance background. They are developers, fashion models, janitors. But as an independent contractor, you need to issue an invoice,” she said.
What started as an idea has since grown exponentially into a multi-million-pound platform used worldwide to simplify hiring, managing, and paying remote teams, freelancers, and contingent workers. “So, that’s how I connected the dots. My idea was to make it easy for the contractors, make it easy for the businesses.”
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The scale of growth is hard to ignore. Last year, TFY was considered one of the UK’s 10 ‘next unicorns’ by TechFundingNews — meaning it’s one of the only startups on track for a £1billion valuation — and it ranked 284 in the Financial Times FT1000: Europe’s Fastest Growing Companies list for 2026.
Last year it was valued at $502million (£377million), and in 2024, revenue climbed to €25.9million (£22.5million), up from €5.9million (£5.1million) in 2021, all with less than 20 employees.
Reflecting on her journey, Lilia shared five things every first-time founder should consider as they get started, including the timelines that matter most.
How much cash do you need?
She encouraged every business founder to have enough cash to support themselves for at least one year, whether they were bootstrapping the business as she did, or going for investors.
“Keep your eyes on the cashflow. If you run out of cash, you are done. Especially when you’re building a business, and it is your first time, make sure that you have sufficient cash to support yourself and your family for at least a year.”
Keep pots separate
She said never be tempted to mix your personal cash with your business cash, to avoid spiralling. “From the beginning, separate your bucket for investment and your bucket that’s going to support you and your family for the next 12 months.
“You may think, okay, my personal bank account is full, and here this business has one month to go, let’s inject a little more. No, never do that. Never add. It’s a big mistake if you do it.”
When should you expect to be profitable?
Since nothing ever goes fully to plan, she advised founders to make all their calculations for when the business will become profitable, and then allow for one extra year.
“You can never predict everything that will happen. It doesn’t matter how experienced you are and whatever comes, things take time, and it eats your budget. That’s why you need this extra 12 months on the road before you reach profitability.”
Her business supports freelancers, contractors and remote workers (Image: Getty)
When should you pull the plug, or raise more funding?
If you are running out of cash, it is important to thoroughly scrutinise whether your business is market-fit. “Not market fit means the market does not actually need what you’re offering. They may like it, but nobody else is ready to buy it, or those who are ready to buy it are very few.”
If you are ‘market fit’ and you see that you have less than six months left in your bank account, she said to start raising funding immediately.
“Doesn’t matter how, doesn’t matter if you’re raising through bank loans, through Government grants, through Venture Capital (VC) funding, start immediately. Because those six months will pass very quickly.
“Usually, to get a Government grant, it will take you three plus months. For VCs, the market is very tight now. It may take you anywhere from six to nine months.
“It takes time to close the deal. So I would say in this market, even nine months is something that needs to be already a red flag.”
How to create a pitch for investors
As an angel investor, Lilia has received many pitches. Her main advice is to build your story around growth when seeking investment, rather than sympathy.
“Because if you knock on someone’s door and say, I have only nine months left and I need money now, the likelihood is they’ll say no, because it looks desperate. It doesn’t look like someone who is certain this is worth it.
“So the story needs to be different. It needs to be fantastic,” she said. “That’s what I see as an angel investor. Many of them are around desperation.”
But building a business was never just about hitting numbers for Lilia, who feels strongly about her Rebuild Lives programme, which facilitates remote jobs for people living in war and post-war zones.
“A business needs to be more than money,” she said, explaining that you need to have a social purpose that keeps you going throughout.