Polyloop, a Belfast, Northern Ireland-based tech platform, secured £1.265 million in seed funding to revolutionize how public sector organizations measure the impact of their spending.
The round is made up of Creative UK investment, angel investors from the UK and US, and seed investments from venture capitalists. Wayne Story, former group chief executive of Civica, is among the investors.
The funding round, one of the highest valuation seeds from Northern Ireland in the last 12 months, will allow the co-founders to grow their workforce, develop new product features, and expand into new markets.
Polyloop's software tool enables public sector bodies to track the impact of their spending in real-time for social good, with the goal of reaching £16m annual recurring revenue in three years. The tool will enable clients to refine and act on better-connected social impact projects from a local to a global level.
Company: Policy Platforms Ltd.
Round: Seed Round
Funding Month: May 2023
Lead Investors: Creative UK Investment
Additional Investors: Wayne Story
Company Website: https://www.polyloop.io/
Software Category: Public Sector Impact SaaS Platform
About the Company: Founded by Ralf Alwani and Jak Spencer, Polyloop is predominately built for public sector organizations to demonstrate the impact of their programs against bigger strategic goals and global ambitions. The company’s software tool allows organizations to track the impact of cash in real-time, furthering their real-world impact, better meeting their targets, and shaping future funding decisions. Polyloop has already worked with government departments in the UK, EU, and US to launch its minimum viable product and BETA testing, influencing public bodies with a combined public spending budget of more than £1bn.