Leicester-based StaffCircle is a HR software platform that helps companies to manage remote workers. Now, the company raised a further £1.3 million to fund its rapid expansion.
Eyes to scale business
StaffCircle’s investment round was led by Blackfinch Investments with £1 million. The additional funding amount came from MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, and private investors.
The latest investment round is the second by Blackfinch, which made an initial £670,000 investment in May last year. Also, it is the third by MEIF, which invested £750,000 to date.
The funding will let the company further enhance its platform, create seven new jobs to expand its team of 20 and scale the business as it eyes to raise Series A funding next year.
Mark Seemann, the CEO, said: “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, added: “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 added: “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.”
Revenue grew during lockdown
StaffCircle was founded in 2017 by serial entrepreneur Mark Seemann. The platform helps companies to engage more effectively with employees in various locations improve performance and minimise the time they spend on administration. Since the lockdown last year, the company has tripled its revenue and started expanding its customer base in the US and Middle East.
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