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Episode Summary
In this high-energy episode of #Value!, host Graham Davies chats with David Walton, founder of LumAI - an AI-native booking platform built to transform how experience-based businesses operate.
From the snowy slopes of ski schools to the serene spas of luxury hotels, David has lived the operational headaches of managing bookings across seasonal, equipment-dependent businesses.
In 2025, AI is no longer just a buzzword, it’s a competitive advantage. David shares exactly how he went from identifying this problem to launching a solution, securing early customers, and raising nearly £250k through the UK’s highly tax-efficient SEIS scheme.
Whether you’re a founder exploring AI-powered SaaS, a startup raising your first round, or an operator ready to ditch spreadsheets for smart automation, this episode delivers a full blueprint. Expect deep dives into fundraising strategy, market positioning, valuation frameworks, and how to decide between bootstrapping and raising venture capital.
Guest Profile
David Walton is a seasoned entrepreneur and operator with a track record in building and scaling seasonal activity-based businesses. Having run ski schools since 2018, he experienced first-hand the inefficiencies of legacy booking systems - juggling over 25 variables manually to schedule lessons and manage resources.
His latest venture, LumAI, uses machine learning to:
- Optimise scheduling based on real-time conditions like weather, staff availability, and demand.
- Personalise the customer journey using tools like LumIQ, a system for tracking preferences and repeat behaviour.
- Integrate marketing insights from Google Search trends to boost bookings.
David’s approach blends lived industry expertise with a product-first, scalable SaaS mindset, positioning LumAI for rapid vertical and geographical expansion.
Key Take-Aways
- Why AI-Native Wins – Starting with AI at the core creates long-term differentiation over legacy platforms that bolt it on later.
- Market Entry with Focus – Validate in your strongest niche (winter sports), then expand into massive markets like health, wellness, and fast-growing sports such as padel.
- Fundraising with Speed & Strategy – How to raise significant capital in weeks by leveraging your network, preparing a watertight data room, and offering SEIS tax incentives.
- Valuation Levers – Use revenue multiples, market comps, and strategic team additions (like high-profile NEDs) to justify and increase your valuation.
- Dual Customer Acquisition Strategy – Employ product-led growth for smaller operators and sales-led relationship building for enterprise clients.
- VC vs Bootstrapping Decision Framework – Base your choice on speed, market opportunity, founder goals, and the “deserves VC” test for your business.
How did LumAI start and what problem does it solve?
Frustrated by the manual, error-prone booking process in his own ski schools, Peak Snow Sports, David realised no system truly accounted for all the variables in experience-based services. LumAI was born to solve that, starting with complex verticals, then simplifying for others.
How was LumAI funded in the early days?
David started with founder capital, then quickly raised 60% of his target from two short emails to long-term customers and contacts.
How do you put a number on your company’s value?
David combined financial modelling with qualitative boosts from strategic partnerships, adjusting his pre-money valuation upwards as influential NEDs joined the board.
What’s the go-to-market plan?
Double down on winter sports for quick feedback and product refinement, then expand to summer activities and high-growth verticals like padel and health/wellness retreats.
How do you choose between bootstrapping and VC?
David and Graham explore how speed of execution, size of market opportunity, and founder appetite for growth vs control shape this decision.
Chapters and Time Stamps
[00:00] – Intro & episode format
[01:38] – The Evolution of Booking Systems
[02:58] – Funding Journey Strategies
[05:39] – Navigating the SEIS Funding Landscape
[08:38] – Valuation Strategies for Start Ups
[11:38] – Building Relationships with Investors
[14:14] – Future Funding Strategies and Business Goals
[30:55] – Bootstrap vs. VC
[36:19] – Prioritising Growth and Infrastructure
[41:27] – Customer Aquisition Strategies
[49:06] – Deciding When To Raise
About the Podcast
#Value! is hosted by Graham Davies, Fractional CFO and founder of Addition Finance. Each episode blends candid founder conversations with expert financial guidance, delivering practical strategies to master your numbers, secure funding, and grow your business with confidence.
Frequently Asked Questions (FAQ)
1. What is LumAI?
LumAI is an AI-native booking and scheduling platform designed for experience-based businesses such as ski schools, spas, health retreats, and sports clubs. It uses machine learning to optimise bookings, manage resources, and personalise the customer experience, replacing outdated manual processes like spreadsheets and phone reservations.
2. Who is LumAI for?
The platform serves both small independent operators and large enterprise-level experience providers. It’s ideal for businesses with complex scheduling needs and seasonal demand, including winter sports venues, wellness centres, outdoor activity providers, and emerging sports facilities like padel clubs.
3. How is LumAI different from other booking systems?
Unlike legacy platforms that add AI features as an afterthought, LumAI was built with AI at its core. It considers dozens of real-world variables — such as weather, staff availability, equipment supply, and Google Search trends — to make smarter scheduling and sales decisions. This AI-native approach allows LumAI to adapt to multiple industries more effectively than competitors.
4. How did LumAI secure its initial funding?
LumAI began as a founder-funded project and quickly secured almost £250,000 through the UK’s Seed Enterprise Investment Scheme (SEIS). Founder David Walton leveraged his network, sending just two emails that secured over 60% of the target raise.
5. What is SEIS and why is it important for startups?
The Seed Enterprise Investment Scheme (SEIS) is a UK government program offering investors up to 50% income tax relief on investments in qualifying early-stage businesses. This makes it significantly easier for UK-based startups to attract early-stage capital by reducing investor risk.
6. What’s the growth strategy for LumAI?
LumAI’s go-to-market strategy starts by targeting the vertical its team knows best — winter sports — to refine the product and gather feedback. From there, the plan is to expand into much larger markets, such as the global health and wellness industry, and high-growth sports like padel.
7. How does LumAI plan to acquire customers?
For smaller businesses, LumAI focuses on product-led growth and digital marketing channels, allowing customers to sign up quickly and easily online. For larger enterprise clients, the strategy is sales-led, building relationships through direct outreach, networking, and industry connections.
8. How does LumAI determine its valuation?
David Walton used a combination of projected revenue multiples, market comparisons, and the added value from bringing in high-profile Non-Executive Directors (NEDs). The valuation increased as new strategic advisors joined the team, boosting investor confidence.
9. Should startups bootstrap or seek venture capital?
This decision often comes down to speed, opportunity size, and founder vision. Bootstrapping allows for greater control but slower growth. Venture capital can accelerate market penetration, but comes with expectations for rapid scaling and investor oversight. LumAI’s approach blends early bootstrapping with plans to pursue venture capital when the business case for speed is strongest.
10. What advice does David give to founders looking to raise capital?
- Build and maintain strong relationships — your network is your best early-stage funding source.
- Prepare a detailed data room and FAQ sheet to answer investor questions upfront.
- Be clear about your valuation and comfortable justifying it.
- Align your fundraising strategy with your long-term vision for the business.
