Contego Fraud Solutions, a UK-based provider of risk management software, has received £900,000 ($1.4m) in angel and seed backing to support the growth of the company.
The round was supported by the Rainbow Seed Fund, the Angel CoFund, the Thames Valley Investment Network, angel network the University of Surrey 100 Club, and new and existing angels including the London Business Angels network.
The latest round of funding brings the total amount raised by Contego to £1.4m. Last year, it received £500,000 from the Cass Business School at City University London through its £10m venture fund Cass Entrepreneurship Fund and angel investors.
Contego’s product allows users to perform due diligence and risk analysis on individuals and companies with a wide range of applications, including pre-employment screening, business centres, property and financial services, and others. The latest investment will allow the Oxfordshire-based company to expand its sales and marketing division ahead of a push for greater revenue growth.
Adrian Black, Contego founder and chief executive, said: “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.”
