Funding

[Funding alert] Bristol-based Clue Software Secures €4.7 Million in Funding

Feb 7, 2024 | By Startup Rise EU

Bristol-based Clue Software secures €4.7 million in funding. With the assistance of investment advisor ScaleUp Group and €1.2 million from workers and angel investors, Frog Capital spearheaded this round.

Bristol-based Clue Software secures €4.7 million in funding. With the assistance of investment advisor ScaleUp Group and €1.2 million from workers and angel investors, Frog Capital spearheaded this round.

Despite the difficult UK market conditions for tech investment, the tech for good platform—founded by Clare Elford, CEO, and Thomas Drohan, COO—has experienced exponential growth.

Read also - Saleor Secures $8 Million in Seed Extension Round Funding

Frog Capital made its initial investment in Clue in November 2021; this additional investment serves as evidence of their support and collaboration with the company. Former IRIS CEO Martin Leuw, former Fresh Insurance CEO Lisa Powis, and former Blue Prism CEO Alastair Bathgate are among the angel investors supporting Clue.

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The investment will finance R&D and product development in addition to enhancing the company's commercial and community capabilities. The cash comes after a stellar year in which the Bristol-based business increased its annual revenue by 60%. Clue also added employees in 2023, going from 45 to 70, and it's expected that this year's total will top 100.

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Clare Elford, CEO at Clue, added: “This funding is the latest step in our journey of supporting investigations and intelligence teams across the globe. Our mission to protect society from harm goes beyond developing intelligence and investigation software. We are building a networked community of investigation professionals across sectors worldwide to explore common challenges and share best practices.”

Mike Reid, Senior Partner at Frog Capital, commented: “We’re delighted with Clue’s progress and momentum reaffirming its position as a leader in this very sizeable market. Combining the best modern software technologies with its market expertise has resulted in a product with significant advantages for customers. Frog backs purpose-led founders and Clare’s team is an excellent example.”

About Clue

Software for a safer society is offered by Clue. Their unified, secure cloud application is used by investigators to perform improved end-to-end operations made possible by proactive threat detection, operational speed, and decision-making assurance.

Read also - Cosmic Aerospace Secures $4.5 Million in a Seed Round Funding

A wide range of international investigations communities, including government, business, law enforcement, not-for-profit, and sports organizations, that are committed to preventing harm and providing justice to victims in society, trust our software.

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