Wazoku raises £1.3m in a Series A follow-on round led by Calculus Capital to acquire InnoCentive and expand globally.
Calculus Capital led the investment, which supports the acquisition of US-based InnoCentive and international growth.
Wazoku provides an enterprise innovation platform that helps large organisations manage change and crowdsource ideas at scale.
Wazoku has secured £1.3m in a Series A follow-on funding round led by Calculus Capital, alongside participation from existing shareholders and company management. The capital injection coincides with the acquisition of US open innovation firm InnoCentive, creating an integrated platform for internal idea management and external crowdsourcing. The proceeds will be deployed to support international expansion, specifically strengthening the company footprint in the US and Europe, alongside ongoing product development and talent acquisition.
The transaction brings the firm total funds raised to date to £7.4m. Demand for the company software surged during the recent lockdown period as enterprises adapted to remote working models and increased requirements for distributed problem solving.
From the founder
"Adding such a remarkable and proven external crowd to our existing platform means that no other organisation in the world has our reach and experience when it comes to open innovation, crowdsourcing and idea management,"
Simon Hill
CEO at Wazoku
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets
