6 November 2013
Contego Fraud Solutions, the rapidly growing Oxfordshire-based risk management software company, has announced that they have raised £900k in their latest investment round, following early investment in 2012 by seed angels and the Cass Entrepreneurship Fund, making the total raised to date £1.4m. Investment has been secured from the Rainbow Seed Fund; the Angel CoFund; select business angel groups London Business Angels, Surrey 100 and Thames Valley Investment Network; and new angels who have joined existing angels following-on in this round. Matt Slatter and Howard Sarna, experienced angel investors, have both invested and will join the Board.
Contego is an innovative software platform that performs due diligence and risk analysis on individuals and companies, with applications across a wide range of industry sectors, including: business centres and virtual offices; recruitment; pre-employment screening; property and financial services – and any sector with intelligence sharing requirements.
The investment will allow Contego to expand its sales and marketing team in the UK and accelerate revenue growth within target segments following the successful launch of the system and early commercial traction.
Contego Founder and CEO Adrian Black commented, “We have developed a unique product that solves a clear need in the important and rapidly growing governance, risk and compliance software market. To have closed this latest round is a significant moment for us and means that we can further enhance Contego and scale the business into new market sectors. We believe that providing cost effective tools to address compliance, fraud and other business risks will be game-changing for many businesses, both in the UK and internationally.”
George Whitehead, Chairman of the Angel CoFund, said, “We are very pleased to be investing in Contego, a high-growth UK business in line with the Angel CoFund’s goals. We believe that Contego, with its broad appeal across so many sectors, is going to scale fast – and we’re looking forward to watching Adrian and his team build the business and fulfil its potential.”
Contego Fraud Solutions is a young, dynamic, fast growing software company providing cloud-based risk management solutions to clients such as FTSE 250 listed Regus PLC. The software platform provides due diligence and risk scoring on both individuals and companies with a wide range of applications across different industry sectors.
About Angel CoFund
The Angel CoFund is a privately run fund that works alongside groups of business angels to invest in high growth small and medium sized businesses across the UK, directly providing funding as well as encouraging the expansion of the business angel market. Backed by the new Business Bank and the Government’s Regional Growth Fund, the £100m Angel CoFund has to date supported over 32 companies providing over £10 million in direct investment alongside £40 million from business angels.
About Rainbow Seed Fund
Rainbow Seed Fund is a £14m early stage investment fund. Privately managed, it works closely with the Partners in the Fund, who manage many of the major government funded research institutes, to commercialise technologies developed in their laboratories. It also invests in companies based on the rapidly growing campuses managed by some of the Partners, including STFC’s (Science & Technology Facilities Council) Harwell Science Campus where Contego is based.
Angel Networks Involved
For further information:
Cordelia Meacher, FieldHouse Associates