London Business Angels Helps Contego Secure £900k of Growth Funding
London Business Angels investors, Angel CoFund, Rainbow Seed Fund and others invest in risk management solutions company.
October 31, 2013 (Newswire.com) - 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 a syndicate of London Business Angel Investors (including an investment by the LBA EIS Roundtable Synidcate Fund 2013), the Rainbow Seed Fund; the Angel CoFund and other investors. 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."
Anthony Clarke, London Business Angels CEO, commented, "Contego has developed a unique product that solves a clear need in an increasingly important market and these products are already being used by a number of its blue chip clients. I am delighted that a LBA syndicate including our LBA EIS Roundtable Syndicate Fund 2013 has co-invested alongside the Angel Cofund and other experienced and highly credible investors in a £900k funding round led by an LBA member who will be adding real value and experience to the company going forwards."