UK software start-up Contego raises £900,000 in Angel CoFund-backed deal
Series B funding round also involving established business angels and networks set accelerate revenue growth
Oxfordshire-based risk management start-up Contego Fraud Solutions (Contego) has announced it has secured £900,000 in a Series B funding round backed by the Angel CoFund, Midven’s Rainbow Seed Fundand top business angels.
Angel groups including London Business Angels, Surrey 100 and Thames Valley Investment Network were involved in the deal, along with new and existing individual angel investors such as Matt Slatter and Howard Sarna, who will now join its board.
Founded in 2012, Contego provides cloud-based risk management solutions that perform due diligence and risk analysis of individuals and companies across a wide range of sectors.
It intends to use the finance to grow its UK sales and marketing team and believes the funding will enable it to achieve “accelerated” revenue growth.
The investment follows an earlier funding round in 2012 led by early-stage venture capital fund the Cass Entrepreneur Ship Fund and a series of angel investors, marking a total of £1.4m raised by the software business to date.
Founder and CEO of Contego, Adrian Black, commented: “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.”
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George Whitehead, chairman of the Angel CoFund, added: “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.”