Sonovate, a finance and technology provider for contract recruitment, has closed a £9m Series B round led by Global Founders Capital.
The total investment comprises £9m in equity and £5m in debt funding.
Sonovate’s tech platform aims to solve admin and cash flow challenges typically associated with contractors, providing an alternative to the traditional invoice finance on offer to recruitment agencies.
Richard Prime, co-CEO and co-founder of Sonovate, commented: “We launched Sonovate as a disruptive startup to challenge the status quo in recruitment. In just two years we have completely overtaken the banks, transformed the industry and changed how recruitment agencies operate and we are delighted that this has been recognised by Global Founders Capital.”
The London-based firm says it will use the money to continue innovating, grow its team and plan for international expansion in Europe and North America over the next year.
Daniel Jones, partner at Global Founders Capital, commented: “Sonovate’s product is a highly innovative solution that has made a huge impact on the recruitment sector in the UK.
“They have already demonstrated rapid growth and dominance within their market and we believe they have the potential to go even bigger. We’re excited to lead the Series B investment in Sonovate and support the team as they take the business to the next level,” he concluded.