Tech start-up beats the odds to scoop £500,000 funding package

Know Someone, a Leeds based tech start-up set to revolutionise the recruitment sector, has defied the odds and secured £500,000 from Innovate UK.

The firm says its success in gaining this backing – where success rates hover around 3% to 5% – underscores the potential of its digital platform and supports its focus on redefining recruitment and addressing the sectors biggest challenges.

With support from Innovate UK, Know Someone will now accelerate its R&D efforts, further refining its approach and testing before an official launch to market later in the year.

The assessors from Innovate UK, commented: “This is an excellent application with a clear business need. The problems that this project is attempting to address are well detailed. The project plan is realistic and thorough – and the team have a strong skill mix.

“The commercialisation opportunities are well understood and exploited, and the project team clearly understand the impact of their innovation outside of the project.”

Alexander Isherwood, chief technology officer, said: “Having led the application process for this funding, I am immensely proud of what we have achieved.

“This funding is not just a financial boost, it’s a validation of our innovative approach to tackling the challenges in the UK recruitment sector.”

Geoff Shepherd, Yorkshire technology entrepreneur and CEO of Know Someone, added: “Know Someone is in a terrific place.

“For our stage of development, we now have sufficient funding to take us to the next level. We’re building an amazing product and team. We’re deeply grateful to Innovate UK for its support.”

The digital platform encourages job referrals between prospective candidates and companies, providing an opportunity for third parties to make recommendations.

When a role is successfully filled, the person responsible for the lead receives a fee.