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Belfast spending management platform Polyloop scores £1.2m

Polyloop co-founders, Jak Spencer and Ralf Alwani

Northern Irish startup Polyloop, which allows public sector organisations to calculate their spending’s impact, has scored £1.2m.

Belfast-headquartered Polyloop wants to improve upon the traditional methods of spreadsheets and PDFs, said its chief executive Ralf Alwani. Features include real-time analytics and evaluation reporting.

“Many civil servants work hard, day and night, to do great work. We want to highlight that and build up a picture through our tracking suite that allows them to make pivotal decisions in real-time based on data-driven evidence,” said Alwani.

Post funding, Polyloop plans to grow in the UK, Europe and the US. It has also outlined the goal of achieving £16m in annual recurring revenue in the next three years.

Polyloop is already used by the NHS Automation Accelerator to assess its financial impact according to the startup.

Dr Jak Spencer, chief impact officer, Polyloop, said: “To complete one of the highest seed funding rounds in Northern Ireland in the past 12 months is testament to the sheer potential of the Polyloop platform in transforming the way public sector bodies measure and report on spending.”

The seed includes a Creative UK loan, venture capitalists with angels from the UK and the US. Amongst the angels is the ex-group chief executive of Civica Wayne Story.