£1.2m for spending management platform Polyloop

Major boost for Belfast-based startup Polyloop, whose platform helps public sector organisations track the impact of their spending. 

It can be difficult for public sector organisations to track the money they spend, let alone to then demonstrate its impact. The way different bodies evaluate their projects can also be inconsistent. Many still rely on basic spreadsheets and static PDFs.

The urgent need to improve on this has been recognised in seed funding of £1.2m for Polyloop’s outcomes management, alignment and evaluation platform, which offers features including real-time analytics and evaluation reporting.  

Ralf Alwani, co-founder and CEO of Polyloop, says: ‘Many civil servants work hard, day and night, to do great work. We want to highlight that and build up a picture through our tracking suite that allows them to make pivotal decisions in real-time based on data-driven evidence.’ 

The software tool Polyloop has developed is already helping bodies with a combined public spending budget of more than £1bn to demonstrate the effectiveness of spending and so make better decisions. It’s already used by NHS Automation Accelerator and the Special EU Programmes Body (SEUPB). 

Tremaine Richard-Noel, Head of Emerging Technology at Northampton General Hospital, says: ‘We are thrilled to announce that our Automation Accelerator programme is now rolling out Polyloop to our clients. This cutting-edge technology will enable us to not only accurately measure the financial impact of our work, but also gain invaluable insights into the patient and staff experience.’ 

‘With Polyloop, we can transparently capture and analyse data like never before, and we’re excited to see the positive impact this will have on our clients and their stakeholders.’

Clients range from programme managers working on the ground to senior stakeholders and c-level teams requiring high-level oversight. 

This new funding will help Polyloop grow in the UK, as well as in Europe and the US. It aims to achieve annual recurring revenue of £16m in the next three years. 

The £1.2m funding is comprised of the first Creative UK loan to Northern Ireland, plus ‘angel’ investors in the UK and US, and seed investments from venture capitalists. 

In related news, Anthesis has produced an intuitive new climate action tracker for local authorities.

Photo by Photoverse


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