Invenias Secures $2.8 Million In Funding
April 25, 2016 – Invenias, a U.K.-headquartered global cloud-based platform for executive and strategic hiring, has secured $2.8 million in funding. The financing package includes $1.1 million in new funding from existing investor MMC Ventures, supported by $1.7 million in debt funding from Clydesdale & Yorkshire Banks.
The funding will be used to help the firm execute on its international growth plans as it looks to expand in North America and additional new markets, as well as invest in R&D and support its expanding customer base.
“One of the key reasons our customers opt to deploy the Invenias platform is because of our strategy of continuous innovation,” said CEO David Grundy. Invenias has seen growing demand for its software in the U.S. and Canada in the last 12 months, with search firms, including ON Partners in Boston, The Toft Group in San Diego and Conroy Ross Partners across Canada, choosing its proprietary software.
“This funding package will enable us to meet our growth ambitions as it will empower us to invest in our platform, our infrastructure and scale with our customers,” said Mr. Grundy.
“We’ve discovered that access to data is the single thing that moves a search rapidly forward to placement,” said Robin Toft, president and CEO of The Toft Group. “In Invenias, we conduct research, produce client reports, and generate search statistics at the touch of a button, helping our customers make efficient hiring decisions based upon hard facts and data.”
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The funding deal was facilitated by Stephen Fahy and Andrew Stirrat from Clydesdale and Yorkshire Banks’ Growth Finance team. “Invenias has enjoyed sustained growth year-on-year,” said Mr. Stirrat. “Its strength and track record in the European, Asia Pacific and U.S. markets and investment in its platform has put it in a strong position to further expand its operations. We’re delighted to support them.”
“We continue to be impressed with what the Invenias team have achieved since our initial investment and see a huge opportunity for the business as they accelerate expansion in the North American market,” said Jon Coker, managing partner at MMC Ventures.
Invenias now has 750 customers in its portfolio with offices across the U.K., U.S., Europe and Asia. Its clients include a number of leading, well-known executive recruiting firm brands, among them: Allen Austin; Norman Broadbent; Sheffield Haworth; Amrop U.K.; Davis Search; Sports Recruitment International; Stott and May; Odgers Berndtson; North Line Partners; The Mattran Group; TRANSEARCH Americas; Park Square Executive Search; and Carlyle Kingswood Global.
Investors continue to pour money into cloud-based and analytical recruiting solutions. Here is a look at recent funding secured by these companies:
- CoreHR, a provider of cloud-based human capital management and payroll software, recently received an investment from JMI Equity, a growth equity firm focused on investing in software and services companies, and JMI Services LLC, which is the family investment company of John J. Moores;
- Randstad Holding confirmed it is leading a seed financing in Focus Orange Technology. The investment is centered around the development of Crunchr, Focus Orange’s analytics platform. Crunchr collects, validates and consolidates people data into meaningful insights around strategic workforce planning, succession, talent management and employee preferences;
- Talentsoft, a global, privately held leader for cloud-based talent management solutions, completed a funding round of $27 million. The round was led exclusively by Goldman Sachs’ merchant banking division. The new funding is being used to support Talentsoft’s strategic international growth.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media
