Growth capital investor BGF has completed a GBP5.2 million investment in Odro, a Scottish-headquartered tech business that provides video interviewing and engagement software to the recruitment industry.
BGF has acquired a minority stake in the business in order to help fund a global expansion plan that will see the company opening offices in Australia and North America, as well as adding more than 20 staff within the next two years.
Alongside the fresh capital, Rob Crossland has joined as chairman in connection with the deal. Former founder of the Optionis Group, Crossland is an award-winning entrepreneur turned advisor who has grown revenues in his staffing industry service group from GBP1 to GBP350 million. Crossland brings a wealth of experience to help the company realise its expansion plans.
In addition, Dougie Loan has been promoted to chief revenue officer. Dougie was the company’s first salesperson and will play a key role in building revenue generation and driving sales in the next stage of Odro’s growth trajectory, according to the company.
“Until now we’ve grown organically, reinvesting profits back into the business to help us scale. I’m extremely proud of that journey and what we’ve achieved; and now is the right time for us to take on investment,” Ryan McCabe, CEO of Glasgow-based Odro, commented on the investment.
Founded in 2015, Odro has more than doubled in size every year, with year-on-year growth in ARR of 111 per cent as of February 2021. The company now employs more than 40 staff and has experienced an expanding client base of recruitment firms including The Adecco Group, Robert Walters and Kelly Services.
Used by recruiters globally, Odro provides a 700-plus client base with a premium video recruitment product that aims to help them to streamline their digital hiring processes and drive profitability in that way.