One of Bristol’s most exciting cyber companies last week shared the news of their latest investment success. Clue Software provides integral software for investigations and intelligence management, and the team is headed for more significant growth to continue delivering their important work.
Clue has secured £4m in equity investment. This funding round was led by Frog Capital, with £1m from angel investors and employees, supported by investment advisor ScaleUp Group. Founders Clare Elford, CEO and Thomas Drohan, CCO have managed to buck current tech investment trends as the tech for good platform has grown exponentially in recent years.
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.
“Our mission to protect society from harm goes beyond developing intelligence and investigation software,” summarises Clare. “We are building a networked community of investigation professionals across sectors worldwide to explore common challenges and share best practices.”
Assisting investigations across the globe
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. 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. The software providers 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.
Commenting on his decision to further back Clue, Martin Leuw, a serial entrepreneur and former Group CEO of IRIS Software, tells us, “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.”
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.
To learn more about Clue, visit the website here or watch one of its recent webinars, including Tackling Money Laundering with Data, Intelligence & Partnerships and Is Dope Testing Still a Numbers Game?.
