A human resources software platform which helps companies to manage remote workers has raised a further GBP1,275,000 to fund its rapid expansion.
StaffCircle has secured a further GBP1 million from Blackfinch Investments, with the additional funding coming from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, and private investors.
The Leicester-based company has tripled its revenue since the first lockdown a year ago and begun to expand its customer base into the US and Middle East. The funding will allow it to further enhance its platform, create seven new jobs and scale the business in the run-up to a Series A fundraising in the year ahead.
StaffCircle’s platform helps companies to engage more effectively with employees in different locations, improve performance and reduce the time spent on administration. Founded in 2017 by serial entrepreneur Mark Seemann, it currently employs 20 staff.
The latest investment round is the second by Blackfinch, which made an initial GBP670,000 investment in May last year, and the third by MEIF, which has invested GBP750,000 to date.
Mark Seemann, the CEO, says: “In a world of remote working, managing employee performance has never been more challenging. StaffCircle introduces new levels of structure and visibility, connecting employees and helping teams to meet targets. The latest funding round demonstrates the confidence our investors place in us and will enable us to roll out the platform to many more companies.”
Richard Cook, CEO and Founder at Blackfinch, adds: “StaffCircle has created an impressive offering in a growing market, through efficient product development and a solid sales strategy. The decision to invest further funds was an easy one to make, not least because the company exceeded their revenue projections last year. The experienced team are highly driven and we look forward to helping them on their journey towards success.”
David Baker of Mercia adds: “StaffCircle created a platform for remote working before it became the norm. The Midlands Engine Investment Fund has supported the business from an early stage. With working from home now an established practice, this latest funding will help Mark and his team to take advantage of the growth opportunities and take the business to the next level.”
Jamie Partington of Higgs & Co provided legal advice to Mercia on the deal.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.