Funds and Acqusition for Innovation Platform Wazoku

London-based crowdsourcing, idea management and 'open innovation' platform Wazoku has raised £1.25m in a new funding round. The company has also acquired US-based innovation firm InnoCentive.

Wazoku's cloud-based software Idea Spotlight allows organisations to crowdsource projects aligned to business objectives, by drawing on ideas from employees, suppliers, clients and other partners. InnoCentive offers access to a global network of almost 500,000 expert 'problem solvers', comprising CEOs, PhD students, engineers, scientists, entrepreneurs, retired technologists and business leaders.

Through the acquisition of InnoCentive's assets, Wazoku says it is creating the world's 'most comprehensive and powerful innovation platform and community'. CEO Simon Hill (pictured) comments: 'Adding such a remarkable and proven external crowd to our existing platform means that no other organisation in the world has our reach and experience when it comes to open innovation, crowdsourcing and idea management'.

The funding was led by Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) specialist Calculus Capital, and supported by other shareholders and members of the Wazoku management team. This latest round brings the total amount raised by the firm to £7.35m. Hill adds: 'This is a significant step for Wazoku - further funding and a strategic acquisition mean we are better positioned than ever and have a strong and established US presence'.

Web sites: www.wazoku.com and www.innocentive.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.