Home Personal Finance Derry software program firm wins £700k funding to develop in new markets

Derry software program firm wins £700k funding to develop in new markets

Derry software company wins £700k investment to grow in new markets

Native software program firm, Fashionable Democracy has secured a £700,000 funding spherical to facilitate additional progress within the UK and worldwide markets.

Based mostly in Derry, Fashionable Democracy is a Software program-as-a-Service (Saas) firm specialising in election software program designed to streamline the polling course of. The group developed the Fashionable Polling SaaS platform, which was initially centered on remodeling the front-end voter and polling employees expertise, by digitalising the check-in course of.

The platform has since developed to develop its capabilities, with a spread of options that allow real-time reporting and analytics on election day efficiency throughout polling stations for election managers and returning officers.

With relationships already established within the UK, the corporate efficiently delivered ballot station innovation for the UK Cupboard Workplace Voter ID Pilots in 2018 and 2019 resulting in the answer being deployed by many Native Authorities all through the UK within the Could 2021 and 2022 elections, together with Harrow Council, Watford Borough Council and Swansea Metropolis Council.

In Could 2022, the Welsh Authorities chosen Fashionable Democracy to ship their versatile voting pilots, confirming the corporate’s market main place. The aim of the pilots was to make it simpler for individuals to vote by providing flexibility on when and the place they may vote.

This funding spherical was led by native enterprise angel buyers, together with members of the Halo Enterprise Angel Community (HBAN), whose funding was matched by Co-Fund NI and backed by present shareholder, Capital Crescent. Because the market chief within the subject, Fashionable Democracy is primed for progress and goals to make use of the £700,000 funding to develop its market share within the UK and discover worldwide markets.

The corporate additionally stated it intends to exit to the market to boost an extra £1.3m in funding for its subsequent section of enlargement.

HBAN is a joint initiative of Make investments Northern Eire, InterTradeIreland and Enterprise Eire, devoted to the all-island promotion of enterprise angel funding. HBAN permits corporations to pitch to angel buyers for funding. At present, there are over 130 registered members in Northern Eire who’ve invested almost £13m throughout greater than 80 offers.

Co-Fund NI is a part of Make investments NI’s Entry to Finance suite of funds and a accomplice of the Regional Angel Programme, delivered by British Enterprise Investments. The fund offers co-investment in offers usually valued between £150,000 and £2million. The fund is managed by Clarendon Fund Managers.

Ann-Marie Slavin, Director of Technique at Fashionable Democracy, stated: “Backed by a Authorities-led programme of change and accelerated by the Covid-19 pandemic, the demand for digital transformation at polling stations is rising.

“Fashionable Democracy has already launched fashionable polling software program all through the UK in Native Authorities and because the Authorities goals to streamline the voting course of, there’s excessive potential for progress within the sector.

“We purpose to make use of this funding to strengthen our market share within the UK, develop our group and transfer into new international markets.”

Jim Curran, Funding Director at Clarendon Fund Managers, added: “As a longtime native software program enterprise, we’re delighted to help Fashionable Democracy on their progress journey.

“With thrilling contracts already in place, the enterprise is completely positioned with a scalable enterprise mannequin and large potential for fast progress within the UK and past.

“The skilled group are primed to remodel the polling station market, serving to councils to revolutionise the polling station expertise whereas lifting the executive burden of election day reporting.”

Brian Reid, Chairman of Fashionable Democracy and HBAN member stated: “Fashionable Democracy has been backed over successive funding rounds by native enterprise angels who noticed the potential within the dynamic and skilled founding group.

“A couple of of those angels have since joined the Board of the corporate to lend their experience in gross sales and scaling to guide the enterprise to international success.”


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