Edinburgh-based tech startup SnapDragon Monitoring has raised £1.2m in its latest funding round as the firm looks to help brand owners tackle fake products online.
The funding round, which saw investment secured from ACF Investors, Mercia and Scottish Enterprise, brings the total raised to just over £3 million.
SnapDragon said the cash injection will be used to further develop its tech capabilities and continue building the team as it expands globally. The firm has expanded its headcount by 25% in the last 12 months to support a growing client portfolio.
The firm has strengthened its board with the appointment of Geraldine Kelly as Non-Executive Chair of the Board. Geraldine has previously held senior executive positions with Frame Technology (Adobe), Visio (Microsoft), Gartner Learning Group and Thomson Learning.
Angela Brown, most recently with Symphonic Software, has also been appointed as Finance Director.
Commenting on the funding round, SnapDragon founder Rachel Jones said: “We are pleased to have successfully raised additional funding to enable further business development and growth.
“We are female-led business, bucking the trend in terms of raising investment and being in the tech space – and delivering outstanding results to protect brands around the world.”
Jones added: “We are hugely proud of everything the team has achieved to date, not least preventing over £100m of fake goods being sold in the last 12 months, and look forward to future growth and success.”
Fake products contribute to more than 3% of world trade each year, according to the OECD.
The ‘Swoop’ platform from SnapDragon monitoring searches for copies and counterfeit versions of branded products so that organisations can have them taken offline.
SnapDragon boasts a range of high-profile clients, including AG Barr, producers of Irn Bru, UK-based Bondeye and US baby brand, 4moms.
Tim Mills, Managing Partner of ACF Investors, commented: “SnapDragon Monitoring is tackling a global counterfeit problem head on by safeguarding and protecting brands of all sizes from online threats and infringements, and we are delighted to support the company through its next phase of growth.
“The company has also been able to capitalise on the thriving Scottish tech scene, with access to an international workforce shown in its rapidly growing team.”
Source: DIGIT