Idea Drop delivers a simple but powerful cloud-based solution for organisations to crowdsource, curate and implement brilliant ideas from across their teams and colleagues via web, iOS and Android. The UK-based startup has just announced the closure of a €1.17 million funding round.
Owen Hunnam, Idea Drop’s co-founder and CEO stated: “We believe the global idea management space is significantly underserved and, remarkably, this tech sector along with the key leading vendors, have failed to innovate in recent years. We’re building a beautiful experience that is not only a joy to use but has meaningful and measurable ROI for every organisation. This new funding will help us to bring the platform to more organisations.”
Founded in March 2014, Idea Drops’ global client base now spans Fortune 500 engineering companies, UK police forces and SMEs across 61 countries and 318 cities. Lear Corporation, global leaders in automotive seating and ranked #154 on Fortune 500, have used Idea Drop across their engineering teams globally since 2015.
“Idea Drop is intuitive, removes hierarchical barriers, and makes it faster to get help and support across the business. We’ll continue to deploy it globally over a larger number of colleagues. It’s a good fit for Lear and does exactly what we need it to do”, explains Darren Legh, Director Global Lean Engineering, Lear Corporation.
Idea Drop was co-founded by Owen Hunnam and Charlie de Rusett. The duo previously founded Vine, a regional UK publishing group which was acquired by Local World, a division of Trinity Mirror, in December 2013. They also co-founded Yellowball, a full service creative consultancy, of which a majority stake was acquired in February 2015. The company’s development and engineering team has been entirely based in Kerala, India since launch and their development agency are also investors. Product design and management have been handled and overseen in London from the outset. Their growth is set against a backdrop of increasing widespread interest in enterprise innovation management tools, open innovation and the crowdsourcing of ideas.
This latest funding round brings the total amout of raised capital by the Bermondsey-based startup to €1.4 million. The new funding will be used to accelerate the execution of an ambitious product roadmap and ramp-up marketing and sales activity globally.