Congratulations to one of our portfolio company Modern Democracy on securing a £700k Investment!
Article from: www.insidermedia.com
A Derry/Londonderry-based election software company has secured a £700,000 investment which will facilitate further growth in the UK and international markets.
Modern Democracy specialises in software designed to streamline the polling process.
The team developed the Modern Polling SaaS platform, which initially focused on transforming the front-end voter and polling staff experience, by digitalising the check-in process.
Since then, the platform has expanded its capabilities and now offers real-time reporting and analytics on election day.
The business has successfully brought forward poll station innovation for the UK Cabinet Office Voter ID Pilots in 2018 and 2019 and, in May 2022, it was selected by the Welsh Government to bring forward its flexible voting pilots.
This funding round was led by local business angel investors, including members of the Halo Business Angel Network (HBAN), whose investment was matched by Co-Fund NI and backed by existing shareholder Capital Crescent.
Modern Democracy intends to raise a further £1.3m in funding for the next phase of its expansion.
Ann-Marie Slavin, director of strategy at Modern Democracy, said: “Backed by a Government-led programme of change and accelerated by the Covid-19 pandemic, the demand for digital transformation at polling stations is increasing.
“Modern Democracy has already introduced modern polling software throughout the UK in Local Authorities and as the Government aims to streamline the voting process, there is high potential for growth in the sector. We aim to use this investment to strengthen our market share in the UK, expand our team and move into new global markets.”
Jim Curran, investment director at Clarendon Fund Managers, added: “As an established local software business, we’re delighted to support Modern Democracy on their growth journey. With exciting contracts already in place, the business is perfectly positioned with a scalable business model and huge potential for rapid growth in the UK and beyond.
“The experienced team are primed to transform the polling station market, helping councils to revolutionise the polling station experience while lifting the administrative burden of election day reporting.”
Brian Reid, chairman of Modern Democracy and HBAN member, said: “Modern Democracy has been backed over successive funding rounds by local business angels who spotted the potential in the dynamic and experienced founding team. A few of these angels have since joined the board of the company to lend their expertise in sales and scaling to lead the business to global success.”
