Web recruitment company RecruitmentForce has secured the capital it needs to fund eight new hires as well as move to a bigger site in Newcastle.
The business, which has produced a software-as-a-service (SaaS) product for web-based recruitment, has netted £225,000 through the transaction.
The Finance for Business North East Accelerator Fund, managed by Northstar Ventures, has injected £200,000, while the remaining £25,000 is coming from private investors.
Its first investment round was closed in June 2011 and saw £168,000 provided by the North East Proof of Concept Fund (a £15 million sister fund to the Accelerator pot). It then followed that up by securing £150,000 in July 2012 from the Accelerator Fund.
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RecruitmentForce was set up by a team of two: Carl Holst-Roness and Eldon Jobe.
Jobe, managing director of the business, says that RectruitementForce’s offering helps recruitment firms which are encountering problems associated with coordination, staff and data theft whilst growing.
He adds, ‘Our platforms address all of [these] issues and aim to make companies more robust and able to tap into larger revenues, as well as enabling the recruiter to seamlessly link the ever-expanding database with their social networks accounts.’
As well as paying for new staff and office location, RecruitmentForce will also be using the capital to invest in new technology and faster servers.
Rebecca Crawford, investment manager at Northstar Ventures, comments, ‘In an age where cloud-based SaaS products are proving the way forward in lots of industries, we are excited about the potential of these products in the recruitment industry.’
To coincide with RecruitmentForce’s third investment round, the company has appointed Carl Swansbury to develop a growth and development strategy as well as a scalable business model.