The HR sector went into overdrive due to the pandemic crisis. It worked closely with businesses mapping out all kinds of scenarios and possibilities that employees would undergo given the uncertainty of the pandemic’s spread.
To cater the increasing needs many tech startups have come up providing the various HR solutions.
UK-based Smart Recruit Online is one of them. It is an online recruitment platform that helps businesses optimise online recruitment and now the startup has raised £630K funding to support its growth plans.
The company secured the investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund (MEIF), and private investors.
Pouring investment in technology development
Smart Recruit’s system combines the latest impeccable technologies with insights from behavioural science along with tried and tested recruitment processes. It simplifies recruitment solutions by enabling companies to address the problem of how to attract the best talent online quickly and at low costs.
The investment will allow the Milton Keynes-based recruitment software platform to develop its technology further. While the company is also planning to expand its 12-strong team by creating up to six new jobs.
Solution of quick and efficient online recruitment
Smart Recruit’s online recruitment platform was designed by Mark Stephens, who has over 20 years of experience in the sector. By seeing online recruitment potential, the team rebuilt the platform in 2015 to enable clients to use it directly. The platform now used by over 700 businesses including Next, JCB, Securitas and Whistl. It now offers businesses with an average cost per hire of under £300 and an average time-to-offer of 16 days, with 94% of vacancies successfully filled.
Mark Stephens, the company’s CEO, said: “Our platform solves a key problem for employers – how to recruit the best talent online quickly and efficiently and achieve better value from their budget. Our existing clients are proof of the benefits it offers, and the latest investment will enable us to roll it out to many more companies.”
David Baker of Mercia added: “Smart Recruit Online is ideally suited for today’s digital world and remote working practices. Mark and his team have already built a strong client base, and the latest funding will allow them to enhance the technology further and scale up the business.”
Grant Peggie, Director at the British Business Bank, said: “The MEIF Proof of Concept Fund is well suited to early-stage businesses with potential for expansion. Smart Recruit is an example of an innovative, growing business seeking funding to scale up its activities and we would encourage other similar businesses across the Midlands to consider MEIF as a possible funding option.”
Vicky Hlomuka, SEMLEP’s Growth Hub Manager, commented: “Having first engaged with Mark in August 2020, it’s great to see the business securing funding to continue to develop Smart Recruit Online. Not only will the platform continue to support businesses to optimise online recruitment, the funding will create additional job opportunities in Milton Keynes.”
Alistair Hammerton of Shoosmiths provided legal advice to Mercia, while Michael Pearce of DAC Beachcroft advised the company.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.