News release: Embargoed until 00:01hrs 30 November 2021

WellTech scaleup Frog Systems raises £846K in new funding round

Staff leap at chance to buy into Frog Systems' vision

Existing shareholders and employees of award-winning mental health and wellbeing technology company Frog Systems have shown their confidence in the vision of the business by participating in a new funding round that has raised well over three quarters of a million pounds.

The latest capital raise was opened up to members of staff as well as existing shareholders and totalled £846,000 - with shares being priced at a 10% premium over a previous round of £476K at the start of the year.

Half a million pounds of the new fundraise came from majority shareholder Aldridge Capital while eighty five percent of staff subscribed for shares for the first time. 

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."

The capital raise allows for an increase in Frog Systems' share options pool which will ensure that every current and future member of staff has a vested interest in the company's future. The funds will help the business increase staff recruitment and move to the next stage of product development.

Nick Kuenssberg (back row L) and Phil Worms (back row R) with Frog Systems staff.  Photo ©Emily Worms, Frog Systems

Frog Systems' innovative digital approach, combining lived experience video with hyper-local support and resources on a single page to generate anonymised data that tracks wellbeing issues, is being used by a growing number of companies and communities across the UK. The company has a strong pipeline of commercial opportunities and plans to go to the market to raise funds to further accelerate growth early next summer.

Phil Worms, CEO of Frog Systems, said: "We are particularly delighted with the enthusiasm of our team for what we are trying to achieve at Frog Systems. 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."

Phil Worms, CEO, Frog Systems.   Photo ©Emily Worms, Frog Systems

Frog Systems, which is headquartered in Glasgow, Scotland, currently employs 20 people out of its offices in the city. It operates an open environment where staff are encouraged to share ideas and work flexibly. The business is keen to give young graduates career opportunities. Earlier this year, it took on four young graduates through the Kickstart scheme, all of whom have been, or are about to be, given permanent roles.

Ends-

About Frog Systems:Frog Systems delivers mental health and wellbeing platforms that combine the power of lived experience video with hyper-local signposting of support organisations and resources. Its pioneering software Ashia® enables platforms to be created around specific themes and topics bringing together all relevant wellbeing content, eliminating the need for additional internet searches. The software can be licensed and fully customised by any organisation with a duty of care. The anonymised real-time data generated gives deep insight into the issues being faced to support future planning. For more information visitwww.frogsystems.co.uk

Notes to Editors:

Images may be reproduced.

• Frog Systems was founded in 2015 and launched its welltech software to the commercial market towards the end of 2019.
• Clients can customise the platform to include themes and topics relevant to their users. They commit to a monthly management fee. Frog Systems hosts, maintains, and updates the service databases, ensuring accuracy of the support information presented to users.
• In addition to offering clients a ready-made centralised wellbeing tool, Frog Systems also gathers back-end data, providing clients with detailed information about user engagement, highlighting potential HR issues for employers and areas where more support could be provided.
• At the 2020 Startup Summit, organised by FutureX, Frog was named winning start-up following a live digital pitch in front of 1,000 delegates and subsequently participated in their Silicon Valley Scale programme.
• Mental health problems affect one in four people in any given year and mental health related absence is the most common cause of long-term sickness absence in UK workplaces.
• According to the Office of National Statistics (ONS) one in six adults experienced some form of depression in summer 2021 compared with one in ten before the pandemic.
• It is widely accepted that hearing about the lived experienceof mental illness from others helps to counteract negative stereotypes, instil hope, and encourage people to realise that recovery is possible.
• Viewers retain 95% of a message when watching it in a video compared to 10% when reading it as text.
• Video accounts for approximately 80% of web traffic yet is overlooked as a communication tool by wellbeing and health information service providers.

Contact:

Jane Robertson, Director of Communications, Frog Systems.

Email jane@frog.net  or call 07827 948993.