Clue Software, a leading provider of software for investigations and intelligence management, has secured a significant €4.7 million in funding. The financing round was led by Frog Capital and also included €1.2 million from angel investors and employees. ScaleUp Group, an investment advisor, provided additional support. The investment will enable Clue Software, based in Bristol, to bolster its commercial and community capacity, as well as fund research and development and product development.
Despite the challenging tech investment landscape in the UK, Clue Software has experienced impressive growth. Frog Capital’s initial investment in the company in November 2021 exemplifies their continued partnership. Other angel investors backing Clue Software include prominent figures such as Martin Leuw, former CEO of IRIS, Lisa Powis, former CEO of Fresh Insurance, and Alastair Bathgate, former CEO of Blue Prism.
Over the past year, Clue Software has witnessed remarkable progress, with a 60% increase in its Annual Recurring Revenue (ARR). The company’s headcount has also grown from 45 to 70 in 2023, and it is expected to exceed 100 employees this year.
Clare Elford, CEO of Clue Software, expressed her excitement about the funding, stating, 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.
Clue Software boasts an extensive international customer base, which has expanded significantly over the past year. The platform now serves over 5,000 users comprising investigations and intelligence teams. Notably, Clue Software has experienced substantial growth in combatting public sector fraud, particularly in healthcare and central government sectors, where four new agencies have adopted their software. The platform has also gained traction in tackling insider threats, with three police forces and a national government agency selecting Clue Software for anti-corruption initiatives.
Internationally, Clue Software has further cemented its position as a market leader in addressing integrity in sports. Six governing bodies in Europe and Oceania have embraced the platform to tackle integrity issues. Additionally, Clue Software continues to support the UK healthcare sector in combatting economic crime and corruption. NHS Scotland Fraud Services and another major healthcare regulatory agency have joined the NHS Counter Fraud Authority as long-term users of the Clue platform.
By securing this significant funding, Clue Software is solidifying its status as a vital player in the field of investigations and intelligence management. The company’s commitment to fostering a global community of professionals and addressing common challenges demonstrates its dedication to protecting society from threats. With a growing customer base and ongoing product development, Clue Software is poised for continued success in supporting intelligence teams worldwide.
