Wazoku raises £2.5m from Calculus Capital and existing backers to fund global expansion and product development
Calculus Capital led the round, which will help the idea management platform expand its sales and product capabilities.
Wazoku provides an enterprise innovation platform that helps large organisations manage change and crowdsource ideas at scale.
Idea management software provider Wazoku has secured £2.5m in funding led by Calculus Capital alongside participation from existing backers. The fresh capital will be deployed to support international expansion efforts and further enhance the firm's core technology platform.
The raise follows a period of strong commercial momentum for the London-based company, which recorded year-on-year revenue growth exceeding 50 percent and secured contracts with high profile clients including the UK Ministry of Defence. Calculus Capital has backed the business to help accelerate its commercial reach in a growing market.
Industry projections estimate that the global idea management sector will reach £1.2bn by 2022. Wazoku intends to use the investment to strengthen its sales and marketing operations while advancing its product development and data science capabilities.
From the founder
"It really feels like the time is now for idea management and we want to be the company leading the market as it grows, matures and becomes even more mainstream"
Simon Hill
CEO at Wazoku
Investor perspective
"Innovation starts with an idea to solve a problem or improve a process. These ideas need to be captured, collated, analysed and successfully implemented. Wazoku helps organisations do this very effectively, transforming raw ideas into actionable innovation."
Alexander Crawford
Co-head of Investments, Calculus Capital
Use of funds
- 01Expand into international markets
- 02Invest in sales and marketing
- 03Continue product development
- 04Fund research and development
