£4m investment for pioneering Bristol software firm at forefront of tackling fraud and corruption

February 12, 2024

A specialist Bristol software company working internationally to help detect and prevent corruption, fraud and other crimes has raised £4m to maintain its rapid expansion.

Launched more than eight years ago, Clue Software has since grown into a leading provider of software for investigations and intelligence management with a global customer base of more than 5,000 users.

Over the past year it has expanded significantly, helping combat a rise in public sector fraud, including in healthcare and central government.

It was also appointed by three police forces and a national government agency to work on anti-corruption projects.

As a result, Clue, which has its HQ in Hengrove, achieved an ARR (annual recurring revenue) of 60% and  increased its headcount from 45 to 70 last year. It is expecting this figure to pass 100 this year.

The £4m funding round was led by Frog Capital, with £1m from angel investors and employees and supported by investment advisor ScaleUp Group.

The investment will be used to increase the Clue’s commercial and community capacity as well as fund research and development and new products.

London-based Frog Capital, which first invested in Clue in November 2021, said this further funding was a demonstration of their partnership and support of the business.

Frog Capital senior partner Mike Reid said: “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.”

The angels backing Clue include serial entrepreneur and former CEO of software firm IRIS Martin Leuw, former Fresh Insurance CEO Lisa Powis, and Alastair Bathgate, the former CEO of robotic process automation software firm Blue Prism.

Martin Leuw said: “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.”

Clue has also continued to consolidate its position internationally as the market-leading platform tackling integrity in sport, with six governing bodies across Europe and Oceania adopting the platform.

Meanwhile, it 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.

The firm was founded by CEO Clare Elford, who was joined just over a year later by CCO Thomas Drohan.

Both former Bristol Grammar School pupils, they previously worked together in software firms specialising in airline duty-free and inflight sales, including at Bristol-based Onboard Retail Solutions, and Canadian firm Guestlogix.

Claire said: “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.”

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