Durham tech firm beats funding target
Durham technology business Intelligence Fusion has raised almost £500,000 to further develop its online global intelligence and risk management system.
The firm exceeded a £400,000 target and raised £486,000 thanks to a new co-investment funding model pioneered by Growth Capital Ventures (GCV) and equity crowdfunding website Crowdcube.
The partnership helps budding investors invest alongside experienced and sophisticated investors and financial institutions.
Intelligence Fusion, which was set up in 2014, provides a platform to help security companies and global businesses manage risk and security issues by collecting, analysing and disseminating intelligence.
The company will use the funds to enhance its platform with more features to provide global coverage at greater speed, frequency and quality as part of its plans to become a global intelligence leader in five years.
"The support from the team at GCV has been invaluable, particularly throughout our recent raise," said founder and chief executive Michael McCabe.
"The team have been involved across many areas, from helping to prepare for the raise and assisting with technical development and marketing right the way through to strategic guidance.
"I am deeply thankful for their support and delighted to have them on board as partners as the business continues to move forward."
GCV chief executive Norm Peterson added: "Having worked with Michael McCabe and the team at IF for several years, assisting them with their proof of concept round previously, we're pleased to have been able to support their significant growth between their first round and their current round and that we have helped them achieve this key milestone as part of their continued growth."
Adam Gillet from Crowdcube said: "We are delighted to have our first successfully funded deal working in collaboration with Growth Capital Ventures and could not be more pleased for the team at Intelligence Fusion to have secured well over their original £400,000 target.
"This serves as a great example of how different players in the equity funding market can work together smartly and efficiently to deliver great results, freeing up more time for founders to do what they are good at - running their businesses."
Before using Crowdcube to raise a further £135,000, Intelligence Fusion secured more than £352,000 through GVC's own online co-investment platform GrowthFunders.
This included £150,000 from the £20m Finance Durham Fund set up by Business Durham, the economic development organisation for County Durham, on behalf of Durham County Council. The fund is managed by Maven Capital Partners.