Maven VCTs lead funding round in RiskSmart

RiskSmart, a risk management platform based in Manchester, utilises Machine Learning and Artificial Intelligence technologies to generate valuable data insights in order for businesses to make more informed decisions around their corporate risk exposure, identify gaps, reduce costs and improve operational efficiencies. 

Founded by former risk managers Ryan Swann and Mike Aldred, the business was born from frustration with outdated and inefficient tools, which often required extensive manual data entry. RiskSmart has developed a user friendly, secure system that reduces reliance on spreadsheets and boosts productivity by over 80% through streamlined, centralised workflows.

The initial funding from NPIF Maven Equity Finance helped RiskSmart launch its minimum viable product in the summer of 2022, setting the stage for rapid growth. The company has since achieved impressive results, including a triple digit increase in revenue and the addition of high profile clients such as ASOS, Rightmove, Allica Bank, and PensionBee.

With RiskSmart having built strong momentum, especially within complex and heavily regulated sectors, the latest investment from Maven VCTs will fuel further product development and team expansion and will support the company’s growth both in the UK and internationally.

"Partnering with Maven allows us to accelerate our growth trajectory and further enhance the platform, providing even greater value to our current and future customers. We’re excited to have the backing of a partner who shares our vision of transforming the risk and compliance landscape."

Ryan Swann, Founder of RiskSmart

"It’s fantastic to see the BVCA recognise RiskSmart’s progress with this award for the North West. Since Maven invested we’ve found the team to be ambitious, driven and highly capable – they have significant experience in this sector and have achieved impressive growth to date. With most providers of risk management solutions focussing primarily on larger companies, there is a clear gap in the market for an innovative business like RiskSmart to target both the established market and the underserved SME segment. We look forward to continuing to support the team as they look to scale their technology and expand internationally."

Jenny Linney, Portfolio Director at Maven