HIVE. HR secure £1.15 million investment
Growth Capital Ventures (GCV) Portfolio company HIVE. HR have recently received further investment by a GCV led co-investment opportunity.
Newcastle based HIVE. HR initially started working with GCV in 2016 when the company received support from GCV’s venture builder arm, G-Labs in addition to accessing funding from GCV’s private investor network, G-Ventures.
HIVE. HR is a Software as a Service (SaaS) business that helps organisations to improve employee engagement levels, communication and recognition in their workforce on an ongoing basis through a mix of industry leading technology and tailored paid support in the form of coaching, training and facilitation.
Having raised an initial £300,000 through GCV’s online investment platform during it’s seed round in 2016, the company was then able to launch their platform, onboard 80 new customers and win several contracts (including the likes of TARMAC, Brewdog and Travelodge) against other indirect solutions, including Glasgow Clyde College.
Following the success of the initial seed round, HIVE. HR then targeted an additional raise of £300,000 in a Super Seed Round through GCV in June 2018. With an overwhelming amount of interest, the opportunity overfunded and reached a total raise of £1.15 million with investment coming from the GCV investor network and funds managed by Maven Capital Partners (one of the UK’s leading private equity firms).
The funding has enabled HIVE. HR to boost sales and marketing activities as well as create a number of new roles to deliver on its ambitious expansion plans.
John Ryder, CEO of HIVE Said:
GCV’s investment team have surpassed our expectations, providing strategic and corporate finance support to raise three rounds of funding, totalling circa £3.0 million to date. Working directly with G-Labs, GCV’s in house venture builder team, HIVE has been provided with post investment support shaping and implementing our Growth Strategy that ultimately has led to the customers we now serve including RiverIsland, BrewDog and Travelodge to name a few.
Going from strength to strength, in addition to now boasting an impressive client list across a number of private and public sectors, earlier this year HIVE. HR was a finalist in the Tyneside and Northumberland Business Awards. Now employing over 40 members of staff, the company are making great head way in employee engagement space and are looking forward to further expansion in 2020.
Craig Peterson, Co-founder and Chief Operating Officer at GCV said:
GCV are delighted to be working with John and his team. HIVE is making a real difference in the employee engagement space. Cutting edge technology combined with people science is helping some of the UK’s most progressive companies change working lives for the better. HIVE is scaling fast with a team of 40 highly motivated people and annual recurring revenues are growing at over 100% year on year. The business has huge potential to become a leading player in the employee engagement space.