UK-based Clue Software, a provider of software for investigations and intelligence management, announced today the closing of a £4 million funding round. Led by purpose-driven scaleup investors Frog Capital, the investment reflects growing confidence in Clue’s mission to empower professionals tackling global threats.
Impressive growth despite challenging market
Despite challenging UK market conditions for tech investment, Clue has grown exponentially, achieving a remarkable 60% increase in annual recurring revenue (ARR) in 2023. The company also significantly expanded its team, growing from 45 to 70 employees, and ambitiously projects exceeding 100 by the end of 2024.
Beyond healthcare, CEO of Clue Software told TFN that currently the company empowers diverse sectors like government, law enforcement, sports organizations, non-profits, and even retail in tackling critical challenges.
She further told us that their international user base underscores the broad applicability of their platform, and the team envisions even more industries benefiting from its capabilities in the future. Additionally, while this £4 million funding round propels its immediate growth, Clue has its sights set on securing Series B funding within the next 18-24 months, signifying its ambitious plans for further expansion and impact.
Fueling expansion and product development
The startup will utilise the new funding to increase the company’s commercial and community capacity as well as fund R&D and product development. This aligns with Clue’s commitment to supporting investigations and intelligence teams across various sectors, including:
Public sector fraud: Clue saw significant expansion in public sector fraud, particularly across healthcare and central government, with four new agencies adopting the platform.
Insider threat detection: Usage across insider threat investigation continues to strengthen, with three police forces and a national government agency selecting Clue for anti-corruption work.
Sports integrity: Clue consolidated its position as the market-leading platform tackling integrity in sport, with six governing bodies across Europe and Oceania adopting the platform.
Healthcare regulatory compliance: Clue strengthened its position in helping UK healthcare tackle economic crime and corruption, with NHS Scotland Fraud Services and another major healthcare regulatory agency joining the ranks of long-term users.
Community-driven approach and global reach
Clue’s commitment to building a collaborative community is evident in its regular events and working groups, fostering knowledge sharing and best practices among investigation professionals worldwide.
“Our mission to protect society from harm goes beyond developing intelligence and investigation software,” stated Clare Elford, CEO at Clue. “We are building a networked community of investigation professionals across sectors worldwide to explore common challenges and share best practices.”
Martin Leuw, a serial entrepreneur and former Group CEO of IRIS Software, stated, “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.”
With over 5,000 users spread across the globe, Clue’s platform serves a diverse clientele, including government agencies, corporations, law enforcement bodies, non-profit organisations, and sports governing bodies.
This successful funding round underscores Clue’s strong position in the investigations and intelligence management software market. The company’s focus on user-centric solutions, community building, and continuous product development positions it well for continued growth and impact in the fight against global threats.