London, UK-based Innovation scale-up company Wazoku raised GBP 8.5 million in Series B funding. The latest round took place on September 28, 2022. Octopus Ventures led the round for the company. Meanwhile, existing investor Calculus Capital and others joined in the investment.
Besides the funding, the company announced the acquisition of the Danish collective intelligence platform, Mindpool. As a part of the deal, the Mindpool team intends to join the Wazoku business.
Purpose of funding and acquisition by Wazoku
With the latest capital funding, Wazoku seeks to invest in its research and development operations. The company intends to expand its product suite.
It also seeks expansion in internationalization, acquisitions and growth over the next two years.
As for the acquisition of Mindpool, it extends Wazoku’s collective intelligence offering. The recent purchase drives further insights, engagement and predictions across the innovation at scale process. Wazoku’s acquisition of Mindpool further expands its outreach to Denmark and Europe.
What the CEO of Wazoku has to say
Simon Hill, CEO of Wazoku, said, “I’ve admired Mindpool as a business since its inception, and I’m obviously a champion of collective intelligence, so it’s fantastic to be able to bring Mindpool into the Wazoku business. It will be a valuable addition to our platform, combining human intelligence and technology to create a compelling proposition, offering actionable insight into company performance for all our global customers. Through our Innovation_360 suite, we can remove the friction and improve the success rates from insight to impact.”
What the Mindpool officials have to say
Dr Carina Antonia Hallin, co-founder, Mindpool, said, “Wazoku and Mindpool are organizations with complementary technologies and approaches to collective intelligence, crowdsourcing and innovation. This couldn’t be a better fit, and I am excited to see what the two companies can achieve together.”
In addition, Mik Thobo-Carlsen, Mindpool Co-founder, said, “Wazoku and Mindpool are not only aligned on strategy and vision, but more importantly on culture, purpose, and a common desire to build a sustainable business, for a sustainable future. I cannot imagine a better fit to facilitate the next phase of our business.”
Besides, Soren Holm, Director, Mindpool SME, further added, “From a strategic perspective, Wazoku and Mindpool coming together means the two organizations will be even greater than the sum of their parts. There’s just enormous opportunity in supporting the increasing number of organizations shifting towards human-centric tools and platforms.”
What the investors have to say
Alexander Crawford, Co-head of Investments at existing investor Calculus Capital, said, “We are excited by the continuing growth of Wazoku since we invested in 2019. We are looking forward to working with the team over the next stage of its development.”
In addition, Rich Bolton from Octopus Ventures said, “In a world in which volatility and complexity are increasing, and the nature of work and talent are drastically changing, it is critical that organizations develop the capability and capacity to think and act differently when it comes to change and innovation. We have been impressed with the vision of the Wazoku team to help drive impact and innovation by creating a true operating system for innovation at scale. We back ambitious founders with a bold vision to change the world and are excited to support Wazoku in this next stage of their growth.”
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