Recruitment contract finance provider Sonovate has closed a £5m Series A funding round led by Dawn Capital, with support from DN Capital.
The London-based firm also secured an additional £15m in debt funding provided by Shawbrook Business Credit.
Sonovate CEO and co-founder Richard Prime said in a statement: “Agencies providing contract solutions have relied on outdated, inflexible bank products which don’t provide the automation and technology that agencies are crying out for. We launched Sonovate to overcome this challenge.
“This capital investment will help us develop our product, expand our team, and launch into new territories including mainland Europe and North America over the next year,”he added.
Founded in London in January 2014, Sonovate also has an office in Wales and currently employs 45 people.
Alongside the funding announcement, the company also said Josh Bell, partner at Dawn Capital, would join its board.
Bell commented: “There’s more opportunity in recruitment and the wider contingent staffing sector than ever before, and Sonovate is well-placed to seize it. The company has a great product, a reputation for excellent customer service, and is in a strong position to make an impact internationally.”