Intelligence Fusion (IF), a software-as-a-service business that provides the private and public sector with global situational awareness to protect people and assets, successfully secured its initial £400,000 Crowdcube crowdfunding target from nearly 250 investors. The company received £216,400 from a group of HNWs and an institutional fund prior to launching privately on the Crowdcube platform and has decided to close the funding round before publically launching the equity crowdfunding portal.
Founded in 2014, IF describes itself as a web-based platform that allows group collation of incidents from users around the world. It then presents that intelligence using a global mapping system and forums to promptly disseminate a breadth of data that businesses need to mitigate risk. By outsourcing intelligence requirements it frees up internal teams to focus on key business activities, saving both time and resource over employing a dedicated team.
IF used a new co-investment funding model that was pioneered Crowdcube and Growth Capital Ventures (GCV). According to the duo, GCV combined its own expertise in preparing IF for market, its investor network and access to venture capital funds with access to Crowdcube’s 440,000 registered members.
Before using the Crowdcube platform to raise a further £135,000, IF secured more than £352,000 through GVC’s own online co-investment platform GrowthFunders. This included £150,000 from the £20m Finance Durham Fund set up by Business Durham, the economic development organization for County Durham, on behalf of Durham County Council. The Fund is notably managed by Maven Capital Partners, one of the UK’s most active private equity houses and SME finance providers, to support the growth of high potential businesses located in, or looking to relocate to the county.
GCV chief executive Norm Peterson stated:
“We are delighted that Intelligence Fusion has not only achieved but beaten its fundraising target. This demonstrates two things. One, that it is an exciting business with a compelling business plan and an impressive management team and, second, that GrowthFunders, in partnership with Crowdcube, can successfully guide ambitious, high growth companies through the fundraising process and introduce them to a wide and varied range of investors. This model allows retail investors to co-invest alongside experienced and institutional investors. Having worked with Michael McCabe and the team at IF for several years, assisting them with their proof of concept round previously, we’re pleased to have been able to support their significant growth between their first round and their current round and that we have helped them achieve this key milestone as part of their continued growth.”
Adam Gillet, Senior Partnerships Manager of Crowdcube also commented:
“We are delighted to have our first successfully funded deal working in collaboration with Growth Capital Ventures and could not be more pleased for the team at Intelligence Fusion to have secured well over their original £400,000 target. This serves as a great example of how different players in the equity funding market can work together smartly and efficiently to deliver great results, freeing up more time for founders to do what they are good at – running their businesses. The inclusion of Finance Durham’s Investment fund in the round is a welcome addition and we intend to replicate this model with GCV to support other ambitious, disruptive businesses in the region.”
“The support from the team at GCV has been invaluable, particularly throughout our recent raise. The team have been involved across many areas, from helping to prepare for the raise and assisting with technical development and marketing right the way through to strategic guidance. I am deeply thankful for their support and delighted to have them on board as partners as the business continues to move forward.”
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