Polyloop - the outcomes management, alignment and evaluation platform
by Startacus Admin
The lowdown on Polyloop, the Belfast-based SaaS startup that's innovating how public sector organisations measure the impact of their spending.
In the UK, the government spends £432 billion every year on public projects. Despite this, the National Audit Office Office reports that the portion of this that’s actually evaluated in a meaningful way amounts to only 8%. That’s a lot of money to be thrown around without much in the way of evaluation and measurement. Aside from transparency issues, this also means that it is harder for people within the civil service to make data-driven decisions about new and existing projects. This is not only frustrating and potentially money-wasting, but it is indicative of spending across organisations and sectors, and their reliance on outdated methods of tracking, including basic spreadsheets! It seems well past time to change this.
Belfast-based tech startup Polyloop is addressing this with their software - designed by both tech experts and ex- civil servants - which allows organisations to track spending and the impact thereof in real-time. Live data is fed into the platform by participants, suppliers, and delivery agents, allowing users to see and measure progress, and to align projects and programmes to strategic local and global goals.
By having access to this data, you can make quick decisions and ensure that you are prioritising the highest impact projects. The platform is in use by bodies such as the Special EU Programmes Body and the NHS Automation Accelerator, and the transparency and clear tracking and measurement that Polyloop allows will likely make it a clear choice for many others.
Recently, Polyloop announced that they had raised just over £1.2 million in funding in a Seed round led by Creative UK (their first foray into Northern Ireland), as well as angel investors and venture capitalists from the UK and the US. This is one of the highest valuation seeds to come out of Northern Ireland recently, and the funding will allow the startup to further develop the platform’s features, and to expand further in the UK, as well as outwards across Europe and the US.
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Published on: 4th June 2023
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