London-based idea management start-up Idea Drop raises £1m funding
Idea Drop, a London start-up that helps organisations capture, curate and action the best ideas from their people, have announced the closure of a £1m funding round.
Idea Drop delivers a simple but powerful cloud-based solution for organisations to crowdsource, curate and implement brilliant ideas from across their teams and colleagues via web, iOS and Android. Founded in March 2014, their global client base now spans Fortune 500 engineering companies, UK police forces and SMEs across 61 countries and 318 cities. Their growth is set against a backdrop of increasing widespread interest in enterprise innovation management tools, open innovation and the crowdsourcing of ideas. The funding will be used to accelerate the execution of an ambitious product roadmap and ramp-up marketing and sales activity globally.
This fundraise brings the total raised by the Bermondsey-based start-up to £1.2m and comprises 34 new investors. Three new appointments have also been made to the company’s board, including Chairman Simon Cole, CEO of 7Digital, the London-based AIM-listed digital music firm and Derrick Dale QC, widely regarded as one of the UK’s leading commercial QCs. Investors also include one of Scotland’s leading businessmen, Lord Smith of Kelvin, the high-profile former Chairman of Weir Group Plc and SSE Plc.
Unlike most London start-ups, Idea Drop’s 17-strong development and engineering team have been entirely based in Kerala, India since launch and their development agency are also investors. Product design and management have been handled and overseen in London from the outset.
Lear Corporation, global leaders in automotive seating and ranked #154 on Fortune 500, have used Idea Drop across their engineering teams globally since 2015. “Idea Drop is intuitive, removes hierarchical barriers, and makes it faster to get help and support across the business. We’ll continue to deploy it globally over a larger number of colleagues. It’s a good fit for Lear and does exactly what we need it to do”, said Darren Legh, Director Global Lean Engineering, Lear Corporation.
“We believe the global idea management space is significantly underserved 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”, said Owen Hunnam, Idea Drop’s co-founder and CEO.
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February 1, 2017