Contego Fraud Solutions has raised GBP900,000 in the firm’s latest investment round, following early investment in 2012 by seed angels and the Cass Entrepreneurship Fund.
The total raised to date is GBP1.4m.
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 a 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.
Contego founder and chief executive Adrian Black says: “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, says: “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."
