A Cardiff-based data software start-up has secured six-figure investment as it targets a £10m valuation within the next 12-18 months.
Configur, based in Tramshed Tech in Cardiff, raised £714,500 from private investors in its latest funding round allowing it to rapidly scale up its operation to support increased sales and reach.
Among the private investors were two former Apple employees which have backed Configur with a £500,000 investment.
Serial investors and entrepreneurs Phil Mohr and Puli Liyanagama founded social media marketing technology company Comufy in 2009 which they later sold to King, the games developer behind Candy Crush Saga.
The pair went on to found digital marketing firm Data Tiger which they sold to Apple in 2018 before going onto to work for the tech giant for three years.
They now have an investment portfolio of over 30 digital businesses and are experienced in starting, scaling and selling digital companies.
Phil Mohr said: "While there are data tools in the marketplace aimed at data scientists, there is a real gap in the market for a platform which allows anyone within a business to use data. [Founders] Marco and Josh have really captured this gap with Configur."
He added: "It’s a great product with huge potential and there is a strong and knowledgeable team behind it. The business has achieved great growth already and with this funding, it has a real opportunity to capture the UK market. I’m delighted to be supporting the business and look forward to seeing what the future holds."
The Cardiff firm is also being backed by Roland Rudd, founder and chairman of public relations firm Finsbury, Tim Farazmand veteran of the private equity industry, and Lord Mervyn Davies, chairman of LetterOne and former Labour Minister of State for Trade, Investment and Small Business.
Configur was founded by Marco Oliver and Josh Evans in 2019 with the aim of making data accessible and manageable for all businesses.
Having already grown by more than 50% since the start of 2022, the business is on track for over 200% growth by the end of the year.
The latest investment round follows seed funding in October 2021 where the company raised £220,000.
Mr Oliver, said: "When we launched Configur in 2019 we did so with the aim of wanting to simplify and empower data driven decisions across businesses. The product is being used by clients across 12 sectors, which showcases the requirement and desire for a platform like Configur, to enable businesses of all shapes and sizes."
He added: "The funding is fantastic, but the wealth of knowledge that comes with it, in the form of Phil, Puli and the other investors, is something you can’t put a price on. This funding will allow us to rapidly scale up our operation and increase sales and reach, both in terms of territories and sectors. We’re excited that such prominent investors can see the potential in the business and we’re truly grateful for their support."
