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Reading-based executive search software platform, Invenias announced that it has secured approximately GBP1 million in expansion funding from fund manager MMC Ventures and a number of private investors, including Mark Farmer, founder of Eden Ventures
The software platform allows executive search and recruitment organizations to fulfill search assignments more effectively, build stronger relationships with their clients and candidates, and transform the productivity of their operations.
The investment will accelerate the Company’s product development and customer acquisition objectives. In the past three months the company has appointed additional heads across marketing, sales and development.
David Grundy, Chairman, CEO and co-founder of Invenias, said, “We are delighted we have obtained investment from MMC Ventures and Mark Farmer, who’s investment pedigree provides the Company with not only capital, but also enormous experience and expertise, and represents a huge vote of confidence in the future of Invenias.”
Jon Coker, Investment Partner at MMC Ventures, said: “We were very impressed by the team. David, Drew and Richard all have extremely impressive backgrounds, a very good grip of the business and the different areas they manage and we really liked their ambition for the product and believed in their ability to execute on that ambition.
“When we looked at the market for the software specifically for executive search and HR within large corporates there appeared to be very limited suppliers and the suppliers that were in that market appeared to have what I would call quite old school technology offerings and hadn’t grown very much over the last few years. The market felt poorly served.”
After speaking to companies within its portfolio MMC Ventures found the vast majority were not using any software and those that were had not been satisfied with the results.
“They have a really good base at the moment and I think it’s just about building around the team that they have, then really continuing to invest in the technology, making sure it remains current.
“We are delighted to begin our investment partnership with Invenias. The executive search and recruitment market is growing and innovating fast. MMC specialises in backing UK businesses that have the potential to succeed on a global scale and Invenias has already shown this to be true.”