Idea Drop, an idea management platform for businesses, has closed a £1m Angel funding round.
Comprising 34 new investors, the round’s participants include the likes of Lord Smith of Kelvin, Scottish businessman and former chairman of Weir Group Plc and SSE Plc.
The startup provides cloud-based software for organisations to crowdsource, curate and implement ideas across their teams via web and mobile applications.
Owen Hunnam, co-founder and CEO of Idea Drop, commented: “We believe the global idea management space is significantly under-served and, remarkably, this tech sector along with the key leading vendors have failed to innovate in recent years.
“We’re building a beautiful experience that is not only a joy to use but has meaningful and measurable ROI for every organisation. This new funding will help us to bring the platform to more organisations.”
Bringing the London-based firm’s total raised to £1.2m, the funding will also enable Idea Drop to develop its product and accelerate global marketing and sales activity.
Three new appointments have also been made to the company’s board, including chairman Simon Cole, CEO of AIM-listed digital music firm 7Digital.
Cole commented: “I’m delighted to be joining the Idea Drop board as chairman. Having spent my career leading a diverse group of businesses across multiple sectors, I’ve experienced first hand the problems and missed opportunities that result from preventing ideas flowing freely and openly around an organisation.
“As innovation becomes an increasingly important key strategic pillar at board-level across businesses globally, I’m excited to be part of Idea Drop as they execute their plan to become the global leader in innovation management,” he concluded.