SHE Software, a Scottish global health and safety software company, has announced the completion of a £7 million Series B investment led by Frog Capital from its new growth equity fund with existing investors Northern Venture Capital Trust (VCTs) Funds at Mercia Fund Management Limited also participating.

This most recent cash injection further cements the Scotland-based company’s strong market position and will support its plans to accelerate the growth of its international operations. The firm plans to increase its headcount to 60, which includes the 15 new jobs it announced at the start of the year following funding from Scottish Enterprise.

Matthew Elson, CEO of SHE Software explains: “The UK is widely recognised as leading globally in health and safety best practices. SHE Software has played a critical role in helping develop the health and safety management software industry having pioneered digital innovation for over 20 years. From our dominant position in the UK and Europe, we are now focused on scaling operations in North America and Australasia.”

Over the past 12 months, the company has experienced strong growth and secured more than 80 new clients, enjoying an increase of 54% in orders during 2019. It recently added to its flagship product Assure, launching a Business Intelligence feature that allows its corporate users to identify trends, track leading indicators and predict where preventative interventions will be most effective.

Recommended

• Abertay Set to Host Europe’s Largest Student Cybersecurity Conference
• UK Financial Regulator Admits to Accidental Data Breach
• System Outage Sees Pets ‘Go Hungry’ as Petnet’s SmartFeeder Fails

“We chose the Frog team because of its focus and expertise in scaling software companies like ours internationally. Frog’s Scale-Up Methodology and Operating Partner team stood apart from our other options, and we very much look forward to writing the next chapter together,” Elson said.

Charlie Winward, Managing Director, Northern Venture Capital Trust (VCTs) Funds at Mercia, said: “We are pleased to continue our support of SHE Software and welcome Frog Capital in this new funding round.

“SHE Software has made considerable progress in the health and safety sector, and this syndicated round positions it well to continue its growth over the next few years and further build out its presence in the US market.

“SHE Software exemplifies the benefits of the Northern VCTs’ approach to identifying and investing in UK technology businesses. By combining our commercial and sector expertise with exciting opportunities and talented teams, we are seeking to build successful businesses across the UK’s regions to create medium-term incremental shareholder value.”