Frog Capital has doubled down on their investment in Clue Software from November 2021, following 60% ARR growth in 2023. We are delighted to have led Clue’s latest £4 million funding round alongside a fantastic group of Angel investors, employees and the Scale-Up group, further solidifying our commitment to supporting purpose-driven software companies on their way to scale.
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.”
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 2 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.