Mental health and wellbeing company Frog Systems has raised £846,000 in its latest funding round.
Open to staff and existing shareholders, the investment opportunity saw 84% of its staff subscribed for the first time.
Shares were priced at a 10% premium over the previous round of £476,000 at the start of this year, with majority shareholder Aldridge Capital investing £500,000.
The money should help the business increase recruitment and move to the next stage of product development.
Frog Systems claims to have a “strong pipeline of commercial opportunities” and is looking to raise more funds to further accelerate growth early next summer.
Nick Kuenssberg, chairman at 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.
“The board is confident that we are now blazing a unique trail – the fact that staff have been so supportive of this capital subscription demonstrates the personal faith they have in the company and its future.”
Phil Worms, chief executive at Frog Systems, added: “Our employees are as invested in us as we are in them, and together we are committed to a long-term vision of giving people purpose to improve outcomes in their lives through the wellbeing platforms we build.”
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