Red Flag Alert, a Manchester-based business intelligence platform, has recently clinched a £4m Series A+ investment.
The funding round includes contributions from the Foresight Group and Ric Traynor, founder and executive chairman of Begbies Traynor. This financial boost marks a significant milestone, coming 18 months after a £3.5m private equity investment from Foresight Group, according to Business Cloud.
The platform specializes in delivering detailed, real-time business data. It provides essential information on over 15 million UK businesses, focusing on areas crucial for corporate decision-making and risk management.
The new funds are earmarked for a strategic expansion. Red Flag Alert plans to refine its go-to-market (GTM) strategy, targeting five core industries that align with its strengths—financial services, accounting, legal, construction/manufacturing, and business utilities. This shift aims to cater to a more extensive and sophisticated client base.
In addition to financial input, the investment period has been a phase of robust growth for Red Flag Alert. The company has seen its annual recurring revenue (ARR) nearly triple from £1.8m to £5.2m and aims to reach £10m ARR within the next two years. Staff numbers have also expanded, growing from 20 to 51.
Red Flag Alert CEO Richard West shared insights into the company’s progress and future plans. “In the last six months we’ve seen an increase in enquiries from more enterprise and mid-market companies,” West said. “This has resulted in onboarding three customers in the last couple of months who are the biggest in their industries.”
The company also announced the appointment of Vincent Kilcoyne as chief product officer. With over two decades of experience in FinTech, Kilcoyne is expected to drive significant advancements in the company’s product development and implementation strategy.
West also emphasized the strategic focus of the investment: “The whole point of this investment is about delivering demonstrable value for shareholders. We still know that we will get to our goal of hitting £10m ARR, but what we now want to do is build out all the other SaaS metrics that have the biggest impact for current shareholders.”
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