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Employee engagement startup nears £300k in funding round's final days
Please note: this investment opportunity is now closed. To be informed of future funding rounds, please make sure you are a GrowthFunders member. You can do that here.
A new digital micro-survey platform promises to revolutionise the way employers measure and analyse the engagement, motivation, and productivity of their workforce.
The brainchild of John Ryder, Hive HR offers an alternative to the much-maligned annual employee survey through a weekly, micro-survey approach; thus creating more manageable results for HR managers and business owners.
John originally joined North East-based, e-commerce giant, Visualsoft to lead the company’s Innovation Lab, a place which focuses on the creation and development of new software platforms.
However, the potential of a piece of employee engagement software was quickly recognised and it soon turned from a tool into a stand-alone company, named Hive HR, with John appointed Managing Director.
Hive HR has received a fantastic start, being incubated by award-winning Visualsoft, who have already received a large amount of recognition for their work, winning a range of impressive accolades and celebrating their achievements in employee engagement and welfare, high growth, and marketing know-how, amongst other things.
Since opening their doors in 1998, Visualsoft have experienced high growth in the flourishing e-commerce sector, scaling up exponentially; the company now employs almost 200 staff across their three UK offices in Stockton-on-Tees, Newcastle, and London and has their sights set on future growth challenges.
Now, with just under a week to go before their funding round closes, Hive HR, the innovative employee engagement startup has successfully raised almost £300,000.
Hive HR first approached FCA-authorised online growth and impact investment platform, GrowthFunders in order to raise £150,000. However, just before the end of 2015, the startup smashed through their original target and currently have £282,700 pledged from a mixture of online and professional investors.
The decision has been made to cap the round at £300,000 and it will now successfully close out on January 17th. This means that there’s still time for interested parties to take a look at Hive’s online pitch page and become part of their journey.
Employee engagement is rapidly gaining awareness as a key part of the working culture in companies of all sizes as business owners look to improve staff retention and satisfaction levels. Studies show that having a happier and more engaged workforce can lower sickness and absenteeism levels thereby increasing productivity. It’s a win-win for both employers and employees.
As well as delivering impact in terms of the health and well-being of employees, Hive HR is also focussed on professional development and the furthering of workers’ skills. For example, through weekly feedback, employees can highlight areas in which they believe they, the team, or the entire company would benefit from training.
Hive HR is also keen to replicate the success of their incubator business Visualsoft in terms of job creation in an underserved area of the UK. Visualsoft has successfully grown from a startup to one of the largest private employers in Stockton-on-Tees, creating 200+ jobs along the way. The company places great importance on creating a vibrant working culture in order to attract and retain talent.
Alongside their funding round, the Hive HR team have been hard at work, recruiting staff and speaking with businesses who are interested in implementing the software, all of which means that Hive HR are in a strong position to scale.
John said, “We are already revenue-generating, which is fantastic news. We’re on-boarding a number of early adopters this month, including Psyche, Paragon UK, Spark Response, and Fusion21 which will put us well ahead of our revenue targets - albeit by a small amount.”
The funds raised in this round will enable Hive HR to accelerate sales by growing their team and investing in marketing.