Funding round for fast growing Danish SaaS pioneer, Whistleblower Software, oversubscribed by 2.5x

West Hill is delighted to have added fast growing technology business, Whistleblower Software to the portfolio, with the business raising £2million in short order, with investor applications scaled back by over 55%.

Targeting the €55billion per annum risk and compliance software sector, Whistleblower Software is utilising a significant regulatory tailwind and is on an exciting growth trajectory, having secured several hundred corporate customers, with annual recurring revenues (ARR) approaching 125% growth from January to July this year, together with almost 100% customer retention. 

Tackling fraud and other economic crimes is an acute challenge faced by corporates around the world. According to PwC’s Global Economic Crime and Fraud Survey, 47% of the world’s companies have experienced fraud in the last 24 months, whilst fraud losses have totalled around $42billion. In order to combat these threats, the EU Whistleblowing Directive has set new legal requirements for businesses to establish effective, confidential and secure internal crime reporting channels, so employees are able to report financial crime efficiently and anonymously with access to reports restricted to only authorised staff.

Whistleblower Software is leading this industry, offering corporates an affordable, accessible and easy to use system with the highest levels of functionality and data security. The platform has been approved by PwC’s global security programme and is considered to be a market leader by G2, the number one software review platform. Employees reporting financial crime can do so easily, anonymously, and confidentially, whilst the platform does not limit the number of reports, users or data storage and is available in more than 70 languages.

The Company’s growth strategy combines partnership and direct sales, with both revenue lines expected to grow rapidly. Top-tier customers already secured across Europe include the likes of ABN AMRO and T-Mobile, as well as various universities, municipalities and airports.

The £2million EIS funding round was oversubscribed swiftly after launch, with the funds raised enabling a rapid rollout to new customer across Europe.