Polyloop, a SaaS platform with a significant impact, has recently obtained funding of £1.2M. This round was led by experienced executives from top companies like Google and IKEA.
This London and Belfast-based SaaS firm has come up with a novel solution to address the challenges faced by public sector organizations. Their technology platform revolutionizes how such organizations measure their expenditures’ impact.
Polyloop seed funding round of £1.265 million is one of the largest in Northern Ireland over the past year. This round was backed by support from various high-profile figures in the tech industry, including angel investors from both the UK and the US, as well as the former group chief executive of Civica.
Notably, this funding round also included the first Creative UK loan to be awarded to a Northern Irish company.
The company plans to use the funds to fuel its growth by increasing its workforce, enhancing its product features, and entering new markets in the UK, US and Europe. Their goal is to achieve an annual recurring revenue of £16 million within the next three years.
Ralf Alwani, who is the Co-founder and CEO of Polyloop, expressed his admiration for the dedicated efforts of civil servants who work tirelessly. The company aims to promote their work and provide them with a tracking suite that enables them to make well-informed decisions in real time by utilizing data-driven insights. The ultimate goal is to assist their clients in developing better-connected social impact initiatives on a global scale, starting from the local level.
The Chief Impact Officer, Dr Jack Spencer, expressed joy over the completion of one of the largest seed funding in North Island over the last year. He said, “To complete one of the highest seed funding rounds in Northern Ireland in the past 12 months is a testament to the sheer potential of the Polyloop platform in transforming the way public sector bodies measure and report on spending. We will now look to grow our team, which will enable us to offer a wider range of features and expand into even more parts of the world.”