Online recruitment platform wins £600K of NPIF investment
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Hiring Hub, an online marketplace for independent recruitment agencies has secured an investment of £600,000 from Maven Capital Partners, acting on behalf of the Northern Powerhouse Investment Fund.
The funding from NPIF, support by the European Regional Development Fund, will result in the creation of four jobs at the Northern Quarter, Manchester-based company.
It is in addition to a further £750,000 from existing investors and strategic angel investors, which will enable the company to implement its growth strategy.
The focus will be on building Hiring Hub’s senior team, bringing software development in-house and increasing marketing activity to fuel the growth of employers using its recruitment agency marketplace platform.
Founded in 2010 by chief executive Simon Swan, Hiring Hub’s board also includes James Kydd, (Purple Bricks), Ian Brookes (ex-Lorien PLC, Cake Solutions), and Paul Gilbert (ex-CFO of Matalan and NCP).
Gavin Bell, investment manager at Maven, said: “With a strong board and entrepreneurial team, we believe that Hiring Hub is well-positioned for rapid expansion as it disrupts this growing market. NPIF investments continue to support innovative businesses like Hiring Hub to fulfil their potential, and we look forward to working with the team.”
Swan said: “Maven were quick to understand both the dynamics of an online marketplace and the opportunity facing Hiring Hub, with the recruitment agency market fragmenting rapidly and shifting towards smaller, specialist, independent agencies, who now represent over 80% of the supply chain.”
Grant Peggie, director at British Business Bank, said: “Maven has already supported a number of businesses in the North West, and we are pleased to be making a real difference to economies across the Northern Powerhouse region. This latest deal in the Greater Manchester area will provide vital jobs to the city and fuel the growth of an innovative company.”
