Frog Systems ‘blazing a trail’ as it raises new funds
Nick Kuenssberg: faith in the company
Mental health and wellbeing technology company Frog Systems has raised £846,000 to support recruitment and move to the next stage of product development.
Current shareholders and staff bought shares priced at a 10% premium over a previous funding round of £476,000 at the start of the year.
Half a million pounds of the new fundraise came from majority shareholder Aldridge Capital while 85% t of staff subscribed for shares for the first time.
Nick Kuenssberg, chairman of Frog Systems, said: “We have spent the past year building a very strong and experienced management team, recruiting some exceptional talent, and successfully taking our wellbeing software Ashia to market where we now work with a wide range of blue-chip organisations across multiple sectors.
“The board is confident that we are now blazing a unique trail in the wellTech market. The fact that staff have been so supportive of this capital subscription demonstrates the personal faith they have in the company and its future.”
The capital raise allows for an increase in Frog Systems’ share options pool which will ensure that every current and future member of staff has a vested interest in the company’s future.