The funding was led by The FSE Group with a combination of equity from the Thames Valley Berkshire Growth Fund, a group of business angels from the FSE Investor Network and others.
Vigilant Applications provides software solutions that help organisations meet their IT governance, risk and compliance obligations, mitigate exposure to risks arising from accidental or malicious actions of employees and identify fraudulent activity of various types.
Andy Craig, director at Vigilant Applications, said: “The potential market for our products is huge. With increasingly stringent governance, risk and compliance obligations being placed on organisations in both the public and private sectors, demand for solutions that can help ensure standards are met without unduly impeding normal workflow continues to grow – and this is exactly where we sit.
“In retail our products are geared towards the elimination of preventable loss and, in turn, protecting retailers’ operating margins. Since providing some initial debt funding, FSE have been very supportive and encouraging of our business. It’s refreshing to work with a funding partner that understands the challenges facing businesses going through significant but, at times, hard to predict growth.”
Bradley Jones, fund manager at the FSE Group, added: “We have known and worked with Vigilant Applications for a number of years.
“The company received initial debt support from us in 2013 and have since gone on to increase their sector reach significantly, with a growing client base that includes a number of high profile organisations.
“This coupled with the company’s expanding partner base, makes us believe that this is the perfect opportunity for an equity investment. We wish the company all the best, and look forward to working with them in the future.”