Ideas4all, the platform where users share ideas to help solve problems, has raised an additional €1 million, largely from existing angel investors, adding to the €3m raised in previous rounds.
As well as its consumer facing site, the Madrid-based startup sells a version of its service to businesses and organisations who want to foster innovation amongst their employees. Ideas4all says it has signed contracts worth 418,000 euros in the first half of 2010, putting it 6 months ahead of its business plan.
To-date, users have submitted over 50,000 ideas to ideas4all.com and have raised over 3,000 problems and offered close to 2,700 solutions, says the company.
It’s also installed its platform for 9 companies in the finance, energy, telecommunications and computing sectors, as well as in education, where Ideas4all says that “brand identification has been more than significant”. For example, the company says that its installation for Banco Sabadell, which launched in early 2010, has received close to 3,000 ideas and has seen participation of 70% of the bank’s employees.
Along with Ana María Llopis, CEO and founder of ideas4all, others who have invested in the new round include Peter Wood (founder of Direct Line in the UK, and later of Línea Directa), Ángel Durández (President of OJD and Board Member at Telecinco and Repsol), Stanley Bendelac (founder of Delvico, Advertising creative and prestigious adviser), Luis Cacho (President of Arsys, founder of Gnoss and President of Fundación Promete), and Mercedes Domingo (owner and founder of FunnyDoors).