Tracking the impact of cash in real-time enables organisations to further their real-world impact, better meet their targets and shape future funding decisions. However, public sector organisations face challenges in tracking the money they spend and demonstrating its impact.
Belfast and London-based SaaS platform Polyloop tackles these challenges in an innovative way. Its tech platform transforms the way public sector organisations measure the impact of their spending.
Among highest seed rounds!
Now, Polyloop has scored £1.265 million in one of the highest seed rounds in Northern Ireland in the last 12 months. The round saw high-profile tech industry support and is made up of the first Creative UK loan to Northern Ireland, as well as angel investors from the UK and US, including the former group chief executive of Civica as well as seed investments from venture capitalists.
The fund will enable the company to grow its team, develop more product features and expand into new markets across the UK, Europe and US with the target of reaching £16 million annual recurring revenue in three years.
Co-founder and Chief Executive Officer at Polyloop, Ralf Alwani said, “Many civil servants work hard, day and night, to do great work. We want to highlight that and build up a picture through our tracking suite that allows them to make pivotal decisions in real-time based on data-driven evidence. Ultimately, this will allow our clients to refine and act on better-connected social impact projects from a local to global level.”
Dr Jak Spencer, Chief Impact Officer said: “To complete one of the highest seed funding rounds in Northern Ireland in the past 12 months is testament to the sheer potential of the Polyloop platform in transforming the way public sector bodies measure and report on spending. We will now look to grow our team, which will enable us to offer a wider range of features and expand into even more parts of the world.”
Wayne Story, former group chief executive of Civica, said: “Public sector organisations, from councils to the NHS and everything in between, face challenges in both tracking the money they spend and demonstrating its impact. Polyloop is an innovative way to solve those challenges. The commitment shown by the Polyloop team, in constantly investing in technology and the people they work with, makes me excited to see what we can achieve together.”
Tim Evans, Head of Investment at Creative UK, said Polyloop was the first Northern Irish company to join its portfolio. He said: “With this loan, we back the growth of a regional creative company, founded and run by a young and promising team, that is outrightly dedicated to creating positive social impact. We look forward to supporting them in their next phase of development.”
Tremaine Noel, head of emerging technology at Northampton General Hospital Automation Accelerator, said: “We are thrilled to announce that our Automation Accelerator programme is now rolling out Polyloop to our clients. This cutting-edge technology will enable us to not only accurately measure the financial impact of our work, but also gain invaluable insights into the patient and staff experience.
Tracks impact of spending in real-time
Co-founded by ‘Forbes 30 Under 30’ alumnus Ralf Alwani and Jak Spencer, who have led major projects for Google, ITV, IKEA and Unilever, Polyloop enables public sector bodies to track the impact of their spending in real-time for social good.
Polyloop’s software tool has already started to influence how public bodies with a combined public spending budget of more than £1 billion demonstrate and make better decisions. This tool frees government bodies from inconsistencies around monitoring and measurement done through basic spreadsheets and PDF documents.
Early adopters of Polyloop’s software tool include the Special EU Programmes Body (SEUPB) and NHS Automation Accelerator.