Newport software firm raises £3 million
Newport-based software firm W2 has raised £3 million in a Series A round led by Mercia Technologies and the Development Bank of Wales.
This builds on a year of rapid growth for the company, with it acquiring new clients, expanding its team and growing momentum in markets such as emerging payments, betting and gaming.
W2 plans to use the new funds to increase its sales and marketing efforts, as well as broaden and accelerate product development and launch in more countries. It offers a range of real-time identity verification, anti-money laundering and anti-fraud solutions.
Founded in 2011 by CEO Warren Russell, the firm is targeting the regulated, government and business community across the world and is focused on selling to the gaming, payments and foreign exchange markets.
“With the continued support from Mercia and Development Bank of Wales we will be able to continue establishing our position as a key world player in our field,” said Russell.
“This further investment will enable us to step up our international sales plans and further grow our team to support our rapidly expanding business. We feel honoured that our existing investors are backing us every step of the way.”
Julian Viggars, chief investment officer of Mercia Technologies PLC, said: “Having initially backed W2 through our managed funds, we are delighted to continue to support the business and its highly experienced management team as it becomes the latest Emerging Star to join our direct investment portfolio.
“SaaS technology continues to be one of Mercia’s key areas of focus and we see significant potential for delivering shareholder value over the medium term as W2 continues to grow.”
Richard Thompson, senior investment executive at Development Bank of Wales, added: “We are thrilled to once again be co-investing with Mercia in this latest round to support Warren and his team.
“W2 has made tremendous progress in recent years and we are excited to see what this funding will bring to the business. With this investment and the increasing demands in regulatory compliance W2 are well positioned to become a leading player in their market.”