Calculus Capital has invested £1m in Wazoku Limited, a fast-growing software-as-a-service (SaaS) business providing market-leading innovation management software to enterprise customers including John Lewis, HSBC and the Ministry of Defence.
Wazoku’s mission is to enable companies to embed innovation as a core, strategic, everyday capability. Successful innovation requires not only capturing raw ideas, but also their collation, evaluation, selection and transformation into actionable improvements. Wazoku’s market leading software provides the process and structure for this, leading to the implementation of the best ideas from both internal and external stakeholders and measurement of their impact.
Wazoku’s core product suite, Idea Spotlight, is a customisable off-the-shelf solution with modular design ensuring scalability, whilst meeting the diverse requirements of complex global businesses. Sales are made on a SaaS basis meaning that, instead of a single upfront purchase, customers license the software, giving a closer ongoing relationship and a high level of recurring revenues year on year.
Wazoku has recently launched an open innovation marketplace offering customers crowdsourced innovation through a proprietary worldwide network of over 400,000 expert solvers.
Alexander Crawford, Co-Head of Investments, said: “Wazoku has a solid proposition and an excellent team and has successfully built strong relationships with its customers. We have been impressed with how far the company has come over the last year since our first investment and we believe the company continues to have a very strong growth potential.”