Crowdsourcing company Wazoku clinches £2.3m
London-based company will use finance to bolster European and North American expansion plans and invest in its technology platform
Wazoku, a Startups 100-listed crowdsourcing company, has raised £2.3m in investment, including £680,000 in venture debt finance from Barclays and equity finance from Cambridge Angels and Fig.
Launched in 2011, London-based Wazoku’s cloud-based idea management software Idea Spotlight enables organisations to crowdsource ideas from employees, suppliers and other partners to improve their businesses and save money.
The company counts a number of households names as customers including Aviva, Waitrose, John Lewis, Virgin Trains East Coast and Avis Budget Group.
Wazoku will use the funding to invest in its platform, enabling clients to expand their idea initiatives and to improve functionality for its support team. It will also continue expansion throughout Europe and North America.
Simon Hill, founder and CEO at Wazoku, commented: “We are an early adopter of this new offering from Barclays and delighted to have secured their support.
“We are in the process of expansion, with new additions to our management team, and new expertise in our data science team, and the investment will allow us to deliver sophisticated analytics for employee engagement, reward & recognition and cultural metrics.”
Sean Duffy, head of technology, media & telecoms at Barclays Corporate Banking, said: “We developed our Innovation Finance offering to make sure we are able to support fast growing, forward looking UK companies as effectively as possible.
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“Wazoku has demonstrated strong growth and is helping the organisations it works with to innovate more successfully. We’re pleased that our funding, coupled with the support of Wazoku’s investors, is going to allow them to do more with their existing clients, and reach new ones too.”