Clue Software Scale-up (non EIS)

Leading investigation and intelligence software with clients including Amazon, the Home Office and UEFA and ARR grown 137% in two years, expecting £10m this year

This overview is provided to make it easier for you to form your own view about the opportunity. 

This deal has been introduced by Frog Capital following their second investment in the Company in November 2023.

What to expect post-investment: the Company should provide bi-annual updates for Wealth Club to distribute to shareholders. The Company may also communicate with shareholders directly, however Wealth Club Nominees, which holds the shares, will be responsible for all corporate resolutions and communications relating to voting and pre-emption matters.

From human trafficking and economic crime to fraud and corruption, our society faces increasing threats. They come at a huge human and financial cost. 

Financial crime alone is a multi-trillion-dollar global epidemic. Here in the UK, it is estimated to cost between £290 billion and £350 billion per year – around twice what we spend on the NHS in England. 

Meanwhile, global organisations – both in the public and private sectors – try to combat and prevent these threats. But it is an uphill battle: most investigation activity is currently undertaken using manual systems and spreadsheets, so it can be slow, costly and ineffective. 

Clue Software (“Clue” or “the Company”, the trading name of Clue Computing Co. Ltd) is an established high-growth company aiming to address this. 

Its SaaS investigation and intelligence management platform helps organisations – across law enforcement, government, corporations, non-profits, and sports – conduct end-to-end investigations, from early threat detection to agile processes and, ultimately, achieving justice.

Over 5,000 investigation professionals – from 100+ organisations as diverse as the Home Office, the Metropolitan Police, Amazon and UEFA – use Clue to tackle a wide range of threats, from organised crime, corruption, fraud,  safeguarding concerns to match manipulation and animal cruelty. Clue can become deeply embedded within its customers’ organisation, leading to long-term relationships, ARR growth and net retention of across customer entity groups of 134%.

Clue centralises intelligence from multiple sources into a unified system, making the process more efficient and compliant. Beyond technology, Clue has also created a global community of investigators, facilitating sharing best practices and contributing to shaping and enhancing the future of investigations. 

The Company’s roots go back to the ‘80s as a provider of case management software for complex investigations to police forces. In 2015 when co-owners Clare Elford (CEO) and Thomas Drohan (COO) took charge, the Company started to expand its offering to cover the whole investigation management process.

Management believes Clue is currently the world’s only single-product SaaS intelligence and investigation application. 

Clue grew organically until November 2021, when it raised a £5 million Series A round from specialist European software scale-up investor, Frog Capital, to accelerate growth. Since then, Annual Recurring Revenue (ARR) has grown 137% (60% in 2023 alone), reaching £5.4 million by December 2023.

The Company’s  ARR is expected to be approximately £6 million by the end of the first quarter of 2024. It forecasts to generate ARR of £10 million by December 2024 and achieve EBITDA profitability in 2026 – not guaranteed. 

In November 2023, the Company raised a further £3.9 million of growth equity in a second round led by Frog Capital, which invested a further £3 million, alongside new angel investors (former software CEOs and successfully exited entrepreneurs) and employees, who have invested a total of £870k to date. 

There is currently £750k capacity left before this second round closes on 27 March 2024 (cleared funds). While the Company believes it is sufficiently well funded to deliver its plans, it intends to use this remaining capacity to invest in its technology and AI roadmap. 

Wealth Club investors have the exclusive opportunity to take up this remaining capacity and invest in the same share class and at the same share price as lead investor Frog, despite the Company adding significant ARR growth since Frog Capital’s investment in November 2023. 

This is an off-market opportunity not available elsewhere for private investors.

A further Series B funding round is planned in 18-24 months – not guaranteed. 

Based on the Company’s forecasts, target return for investors in this round could be c.3-5x – high risk and not guaranteed. The minimum investment is £25,740 and you can see how to apply online. 

Please note, the investment is not EIS qualifying. Before investing, please ensure you carefully read the information in the Investor Presentation to ensure you are comfortable with the high risks involved. 

To ensure governance and provide value-added strategic input, as lead investor Frog Capital has all the normal investor consents and controls you would expect in a deal of this size and nature. Frog Capital has an impressive track record helping its investee companies grow and scale ARR significantly, and has exited six investments over the last five years – past performance is not a guide to the future. 

Important: The information on this website is for experienced investors. It is not advice nor a personal recommendation to invest. If you’re unsure, please seek advice. Investments are for the long term. They are high risk and illiquid and can fall as well as rise in value: you could lose all the money you invest.

Clue Software Scale-up (non EIS) - video explainer


Risks – important

This is a single company offer with no diversification. It involves investing in a loss-making business, which is by nature high risk and prone to failure. There is a risk that the capital raised may not be sufficient to achieve the Company’s objectives. You could lose all the amount you invest.

Like all investments available through Wealth Club, it is only for experienced investors happy to make their own investment decisions without advice.

There is no ready market for unlisted shares: they are illiquid and hard to sell and value. There will need to be an exit for you to receive a realised return on your investment.

Exits are likely to take a minimum of three to five years. 

Before you invest, please carefully read the Investor Presentation, which contains further details on the considerable risks – alongside the Wealth Club Risks and Commitments

Fees and structure 

Investors will pay an initial charge of 3% to invest. Wealth Club will be entitled to a performance fee on exit predicated on returns hurdle being met. 

Wealth Club investors will invest using a nominee structure. There is no ongoing charge to investors for this service. This service is provided by Wealth Club’s subsidiary companies Wealth Club Asset Management Limited (authorised and regulated by the FCA) and Wealth Club Nominees Limited. Wealth Club Nominees Ltd will be completing the share subscription documentation on investors’ behalf.

Please refer to the Schedule of Charges for more details on charges (may vary for different rounds and offers). 

All the services Wealth Club and, where applicable, its subsidiaries provide are governed by the Terms and Conditions of the Wealth Club Services.

Register your interest – No obligation

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – investments. You should base your investment decision on the offer documents and ensure you have read and fully understand them before investing. The information on this webpage is a marketing communication. It is not advice or a personal or research recommendation to buy any of the investments mentioned, nor does it include any opinion as to the present or future value or price of these investments. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination. 

The details

Single company Scale-up
Target return
Funds raised/sought
Minimum investment
Final close
27 March 2024 (cleared funds)
Last updated: 28 February 2024