Polyloop secures £1.3m in seed funding to expand public sector impact software.
The Belfast-based software maker has raised £1.3m from backers including Creative UK and angel investors.
Polyloop builds software that helps public sector organisations measure and evaluate the impact of their spending. The Belfast-based firm works with government departments and healthcare providers across multiple jurisdictions.
Polyloop has secured £1.3m in its seed funding round to scale operations and develop its public sector evaluation software. The financing includes backing from Creative UK alongside a group of angel investors and venture capitalists.
Co-founders Ralf Alwani and Jak Spencer established the firm to address shortcomings in how government bodies track public expenditure. The capital will support workforce expansion, product development, and international growth into new markets across Europe and the US.
The company has already secured contracts with bodies such as the NHS and the Special EU Programmes Body. Management targets reaching £16m in annual recurring revenue over the next three years.
From the founder
"Building on our reputation of working internationally on creative interventions with public bodies, Polyloop will be global from the outset, looking to transform the way governments tackle projects and manage outcomes."
Ralf Alwani
Chief Executive at Polyloop
Investor perspective
"With this loan, we back the growth of a regional creative company, founded and run by a young and promising team, that is outrightly dedicated to creating positive social impact. We look forward to supporting them in their next phase of development."
Gab Nardo
Investment Manager, Creative UK
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets
