Invenias, a provider of software solutions to the executive search and recruitment sector, has completed a follow-on funding round led by MMC Ventures, bringing the total raised in this round to USD2m.
In addition, Mark Farmer, the UK tech veteran who co-founded Cramer and Eden Ventures, joins the company as chairman and continues to invest privately in the business.
Invenias has recently been listed in the British Venture Capital Association’s ‘Britain's Hot Talent’ – the 100 most inventive, exciting and fastest-growing companies in the UK today.
This investment follows a previous MMC Ventures-led USD1.5m funding round in July 2013, which saw MMC first team up with Farmer to support Invenias’ product development and customer acquisition objectives.
As Chairman of the Board, Farmer – a co-founder at Eden Ventures – brings with him considerable entrepreneurial experience, having founded Cramer Systems before selling the business to Amdocs in 2006 for USD425m.
David Grundy, CEO and co-founder of Invenias, says: “It’s been an exciting and busy eight months for the team at Invenias – from growing the business to further developing the product. This latest funding from MMC Ventures and Mark Farmer will allow us to continue this momentum and further expand our international plans. We are also delighted to be welcoming Mark as Chairman of the Board. His experience of building businesses – both with Cramer Systems and at Eden Ventures – is invaluable and we look forward to working together.”
Jon Coker, investment partner at MMC Ventures, says: “Since initially investing in Invenias in July 2013, we have seen impressive growth and development from the team and we are delighted to be providing follow-on funding. Working with Invenias over the last year has strengthened our view that there is a big opportunity in this sector and we are pleased to further support the company.”
