By Kristy Dorsey
Glasgow-based Frog Systems has raised more than three-quarters of a million pounds to support additional hiring and further development of its mental wellbeing platform.
Majority shareholder Aldridge Capital has provided £500,000, with a further £346,000 from staff and other existing investors. It takes the total raised by the company, which was set up in 2015, to £2.85 million.
Most Frog’s 20 staff subscribed for shares for the first time. Chief executive Phil Worms said the fresh funding will allow the company to increase its share options pool, ensuring every current and future member of staff has a vested interest in the business.
“We are particularly delighted with the enthusiasm of our team for what we are trying to achieve at Frog Systems,” Mr Worms said. “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.”
READ MORE: The ‘YouTube of hope’ gets ready for next funding leap
Launched in January, the service combines short videos of people talking about their real-life experiences with local support for those suffering from stress, addiction and other health-related issues. These are custom designed to the needs of individual organisations, who in turn provide it to their staff or community free of charge.
Driven by Frog’s Ashia software, the platform also generates anonymous data that allows employers and organisations to track what kind of assistance is in demand, and where.
Scottish business veteran 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.”
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