We Are Digital raised funding from Impact Partners

CWI-admin 23min read
Posted in: Raising finance

Case Study

We Are Digital raised funding from Impact Partners.

The deal.

We were engaged by We Are Digital to raise growth capital for the business, to accelerate development of its technology platform, and also to provide funds to facilitate an exit for a number of early stage investors.

We Are Digital, a tech-for-good company, helps people in need connect with local welfare services through its full-service, end-to-end platform. It is used in a variety of ways by central government, local housing associations and corporates from Lloyds Banking Group and Santander to Vodafone and Openreach, helping people find jobs, develop digital skills, understand their finances, fill out government forms and receive advice around grants or the cost-of-living crisis.

Founded by Matthew Adam in 2012 and headquartered in Coventry, the business has gone through a number funding rounds and experienced exponential growth, developing a reputation as a pioneer in the wel-tech space.

Our role.

The brief was to raise capital from an investor to execute their growth plans and to provide an exit for early angel investors whilst “de-risking” other shareholders. It was key to the team to find the right partner who shared the same ethos and culture as We Are Digital. They required a swift and efficient process to ensure management could focus on the day-to-day business activities and to kick-start the next stage of growth. Our strategy was to approach a selection of European-based investors, including generalist private equity and specialised impact investors that fitted the brief.

Having received interest from a number of parties, Impact Partners (based in Paris and one of Europe’s largest impact investors), were chosen as the ideal partner for the business going forward. Given Impact’s heritage in the space and alignment with We Are Digital’s strategic objectives, it was an obvious choice for the management team to partner with them. This funding is also Impact Partners’ first ever investment made in the UK. It will assist the business in disrupting the welfare market through further use of technology.

Using Clearwater Growth was the best decision we could have made, looking back. Very bright people, super hard working, understood the market and type of investor we needed.

Matthew Adam, CEO and Founder, We Are Digital

What our client said.

“After initially being sceptical of using an adviser for We Are Digital’s Series A round, thinking that age-old adage that a founder, Chair and team can often back themselves to pull off fundraises on their own, it’s safe to say we were very pleasantly surprised and happy to be proved wrong. Using Clearwater Growth was the best decision we could have made, looking back. Very bright people, super hard working, understood the market and type of investor we needed, and crucially weren’t confused by the impact angle which is still very new and seemingly a dark art/mystery for most firms to get their heads around. But CG accomplished it very closely to the initial spirit of our intention to pull off a true Impact Series A round, of which I’m most proud.

Most importantly for me, they reflected a “real-ness” not often seen in consultants and advisers I have used before, where they told us honest insightful feedback and have a realism about their work and views which was really refreshing to see. Very often advice is glossed over in some kind of polished “sales” wrapper but with Clearwater Growth it was tangible and made sense at all times. My view to other founders raising large and innovative tech rounds: you need all the help you can get, don’t let ego get in the way, ask for help to speed up the round (as time is your scarcest commodity ultimately) and Clearwater Growth are a superpower in your back-pocket that you don’t want to miss out on.”

Matthew Adam, CEO and Founder, We Are Digital

Clearwater Growth delivered a friendly yet professionally managed process and access to a range of funds. 

Ralph Catto, Chairman, We Are Digital

What our client said.

“Clearwater Growth delivered a friendly yet professionally managed process and access to a range of funds. In that, they took account of our ethos of social transformation through a commercial approach and ultimately delivered investment from a very aligned investor; we welcome Impact Partners as an investor and are confident we have added another partner to help We Are Digital continue to grow both in financial terms but also in the increasing effect it has on society.”

Ralph Catto, Chairman, We Are Digital