Frog re-invests in Bristol's Clue Software following 60 per cent ARR growth in 2023

By Nicky Godding

14 February 2024

Share

Clue software

Frog Capital has doubled down on its investment in Clue Software from November 2021, following 60 per cent annual recurring revenue (ARR) growth in 2023.

It led Clue’s latest £4 million funding round alongside a group of Angel investors, employees and the Scale-Up group, further solidifying its commitment to supporting purpose-driven software companies on their way to scale.

Clare Elford, CEO at Clue, said: “This funding is the latest step in our journey of supporting investigations and intelligence teams across the globe. Our mission to protect society from harm goes beyond developing intelligence and investigation software. We are building a networked community of investigation professionals across sectors worldwide to explore common challenges and share best practices.”

Mike Reid, Senior Partner at Frog Capital, added: “We’re delighted with Clue’s progress and momentum reaffirming its position as a leader in this very sizeable market. Combining the best modern software technologies with its market expertise has resulted in a product with significant advantages for customers. Frog backs purpose-led founders and Clare’s team is an excellent example.”

The funds will support Clue’s commercial and community focus and fuel continued research and product development. Clue’s plans for global expansion align with Frog’s vision for growth, and we are looking forward to supporting the team as they capitalise on the considerable market opportunity.

Frog’s investment in Clue’s continued progress is underscored by the diverse group of investors joining this funding round. Angel investors such as Martin Leuw, former IRIS CEO; Lisa Powis, former Fresh Insurance CEO; and Alastair Bathgate, former CEO of Blue Prism, highlight the broad industry support and confidence in Clue’s trajectory.

As a growth capital investor, Frog is particularly excited by Clue’s community-focused approach and dedication to building a network of investigation professionals. Clue’s successful Clue Connect Live 2023 conference, which attracted over 200 attendees from 80 organisations, demonstrates the strength of its community engagement.

Frog has developed a strong partnership with Clue over the last two years with close collaboration across the business. Frog works proactively with all the businesses they invest in, as part of our Scale-Up Methodology. We have a team of operating partners in-house who have supported Clue technology, product, HR and leadership.

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.