Wazoku Raises £2.3M in Funding

Wazoku, a London, UK-based idea software management company, raised £2.3m in funding.

The company received new venture debt finance from Barclays of £680k as well as equity financing from existing investors Cambridge Angels and Fig.

Wazoku, which has raised £3.6m to date, will use the funds for product development and corporate expansion efforts.

Led by Simon Hill, founder and CEO, the company provides a cloud-based idea management software platform, Idea Spotlight, which allows organisations encourage internal and external crowdsourcing initiatives that allow organizations to draw on ideas from employees, suppliers and other partners to enhance their businesses.
Customers include Aviva, Waitrose, John Lewis Partnership, Virgin Trains East Coast and Avis Budget Group.