Clue Software raises £4m to detect, investigate and prevent rapidly advancing threats

Clue Software, a startup in the field of investigation and intelligence management software, has announced a £4 million investment round led by Frog Capital, complemented by £1 million from angel investors and employees, with ScaleUp Group acting as the investment advisor.

Clare Elford, serving as CEO, and Thomas Drohan, the Chief Commercial Officer, co-founded the "tech for good" platform, which has seen remarkable growth even amidst the challenging investment landscape for technology in the UK.

This recent financial backing marks Frog Capital's continued support since its initial investment in November 2021, underscoring a strong partnership with Clue. The roster of angel investors includes notable figures such as Martin Leuw, ex-CEO of IRIS; Lisa Powis, former CEO of Fresh Insurance; and Alastair Bathgate, previous CEO of Blue Prism.

The capital infusion is earmarked for enhancing Clue's commercial outreach, community engagement, and for funding its research and development along with product innovation. Following a year of considerable achievement, the Bristol-headquartered firm reported a 60% increase in its Annual Recurring Revenue (ARR) and expanded its team from 45 to 70 employees in 2023, with expectations to exceed a 100-strong workforce within the year.

Clue's global customer base has seen notable growth over the last year, now encompassing over 5,000 users across investigation and intelligence teams. In 2023, the company witnessed significant adoption within public sector fraud, especially in healthcare and central government, securing four new agency clients. The platform's use in insider threat investigations has also seen an uptick, with three police forces and a national government agency employing Clue for anti-corruption efforts.

On the international stage, Clue has reinforced its status as the solution for promoting integrity in sports, attracting six governing bodies from Europe and Oceania. Moreover, Clue has bolstered its role in aiding the UK healthcare sector against economic crime and corruption, with NHS Scotland Fraud Services and another major healthcare regulatory agency joining the NHS Counter Fraud Authority as long-term Clue platform users.

Martin Leuw, a serial entrepreneur and former Group CEO of IRIS Software, commented: “I backed Clue because they have an unusual combination: intelligent software addressing growing societal risks; a community-based approach; talented leadership team and board members and investors that I trust.”

In 2024 and beyond, Clue is planning to grow strongly again and sees a huge global opportunity. 

Clare Elford, CEO at Clue, added: “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, commented: "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."