A business which provides software for the executive search and recruitment market has secured $1.5 million (£1 million) of new funding from MMC Ventures.
Reading-headquartered Invenias will be using the capital to speed up its product development and customer acquisition targets.
Joining MMC Ventures in the funding round are a group of private investors including Eden Ventures founder Mark Farmer.
The cloud-based software product which has been developed by Invenias to allow organisations to deliver better assignments and build stronger relationships in the executive search space. Its offering can be used via desktop and mobile applications.
New backer MMC Ventures is a technology-focused investor with a particular focus on business services, business software, digital media and e-commerce. Previous deals in the cloud market have seen the London-based firm support firms such as contact centre services company NewVoiceMedia and customer intelligence service iJento.
Jon Coker, investment partner at MMC Ventures says that the executive search and recruitment market is growing and ‘innovating fast’.
He adds, ‘MMC specialises in backing UK businesses that have the potential to succeed on a global scale and Invenias has already shown this to be true.’
Other developments in 2013 have seen MMC Ventures win a mandate from Mayor of London Boris Johnson and the European Regional Development Fund to lead a new £11 million London-focused fund. The MMC London Fund was set up to provide funding for early-stage businesses which can aid economic growth and create jobs.
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New investment Invenias has already established offices in the US and Malaysia and now has customers in thirty countries.
As well as ramping up product development and customer acquisition, the business will also be building on hiring which has recently seen three heads of marketing, sales and development brought in.
Prior investment in the company has seen £750,000 committed from its founders: CEO and chairman David Grundy, CTO and product director Richard Harrison and chief architect Lukas Neumann.
Grundy says that Farmer and MMC’s investment pedigree provides not only capital, but also experience and expertise.
‘[It] represents a huge vote of confidence in the future of Invenias,’ Grundy adds.
