A second funding round for Contego Fraud Solutions has seen the risk management software company raise £900,000.
Joining the funding round, which follows on from a previous transaction in 2012, has contributions from the Rainbow Seed Fund, London Business Angels, Surrey 100 and Thames Valley Investment Network.
In line with the framework of the £100 million Angel CoFund, the privately-run fund contributed to the angel funding received – bring the round up to £900,000.
The Oxfordshire-based company will be using the proceeds of its latest funding transaction to expand its sales and marketing team as well as speeding up revenue growth in what it calls ‘target segments’.
Its software product provides due diligence and risk analysis on people and companies such as Regus.
Adrian Black, founder and CEO of Contego, comments, ‘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.’
More on the Angel CoFund:
- Fund hits one-year mark with 18 deals worth £24 million
- Five angel networks to lead £50 million fund
- Angel CoFund makes first five commitments
Contego’s last funding round was closed in February 2012 when the Cass Entrepreneurship Fund led a £350,000 investment. Joining the £900,000 deal are angel investors Matt Slater and Howard Sarna, both of who will be taking up a position on the board of Contego.
Angel CoFund chairman George Whitehead says that the capital pot decided to back Contego because of its broad appeal across a number of sectors.
‘[Contego] is going to scale fast – and we’re looking forward to watching Adrian and his team build the business and fulfil its potential,’ Whitehead adds.
To date, the Angel CoFund has backed 32 companies with £10 million of direct investment alongside £40 million from business angels.