Bristol software firm raises £4 million
South West-based software firm Clue Software has raised £4m in a funding round led by Frog Capital, with £1m from angel investors and employees, supported by investment advisor ScaleUp Group.
Founded by Clare Elford (CEO), and Thomas Drohan (CCO), the company provides software for investigations and intelligence management, and has grown exponentially despite challenging UK market conditions for tech investment.
Frog Capital first invested in Clue in November 2021, this further investment is a demonstration of their partnership and support of the business. The angels backing Clue include Martin Leuw (former IRIS CEO), Lisa Powis (former Fresh Insurance CEO), and Alastair Bathgate (former CEO of Blue Prism).
The investment will be used to increase the company’s commercial and community capacity as well as fund R&D and product development. The funding follows an impressive year for the Bristol-based company, which grew its ARR by 60%. Clue also increased its headcount from 45 to 70 in 2023, with this number likely to surpass 100 this year.
Customer growth
Clue has an international customer base that has expanded significantly over the past 12 months, with over 5,000 users representing investigations and intelligence teams. 2023 saw significant expansion in public sector fraud, particularly across healthcare and central government where four new agencies adopted Clue. Usage across insider threat investigation continues to strengthen, with three police forces and a national government agency selecting Clue for anti-corruption work.
Internationally, Clue has continued to consolidate its position as the market-leading platform tackling integrity in sport, with six governing bodies across Europe and Oceania adopting the platform. Finally, Clue has strengthened its position in helping UK healthcare to tackle economic crime and corruption with NHS Scotland Fraud Services, and another major healthcare regulatory agency joining the NHS Counter Fraud Authority as long-term users of the Clue platform.
Martin Leuw, a serial entrepreneur and former Group CEO of IRIS Software, commented: “I backed Clue because they have an unusual combination: intelligent software addressing growing societal risks; a community-based approach; talented leadership team and board members and investors that I trust.”
Global opportunity
In 2024 and beyond, Clue is planning to grow strongly again and sees a huge global opportunity.
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.”
Clue hosts events and working groups to bring together and benefit its community across key focus areas. Its annual flagship conference, Clue Connect Live 2023, was attended by over 200 attendees from 80 organisations from the UK and beyond.
