Personalised IT recruitment firm breaks crowdfunding target

The platform has signed up Marks & Spencer, Reed and Adecco to its service since August 2017.

IT contractor recruitment app iContract has raised over £800,000 in 10 weeks from investors on crowdfunding platform Seedrs.

The campaign, which beat its £300,000 target, attracted funds from long-term players, as well as more than 200 small-sized investors from its own community on Seedrs. 

Rating system for contractors

iContract lets contractors search and apply for personalised job adverts based on their own filters while recruiters can find contractors using their own tailored settings.

In the vein of Uber, Google and start-up hospitality platform Rota, it will feature a ratings system. For example, a contractor who has delivered good work for a variety of clients will expect to get a high review which other users can see.

iContract offer liquidity of 9.09 per cent while the businesses valuation was £2.9 million before the fundraising.

The money will be used to boost the businesses internal team and to roll-out new products such as its app and ratings system. Having had over 6,000 sign-ups from contractors in finance, tech and legal sectors since August 2017, the company is in bullish mood for the future.

Amanda Cai, CEO of iContract said, ‘The business has an exciting year ahead, and with this round of investment complete, the platform looks set to deliver on its promise of disrupting the contractor market in a positive and life-changing way. We thank all our investors and look forward to taking them with us on this next important phase of our development.’

IT market is lucrative

The IT contractor market has increased in recent years, according to TechnoJobs data, as demand for IT specialists continues to grow. Conventional wisdom would suggest that it is likely that major companies will hire more bosses with a tech background.

Cyber security has become FTSE100 firms’ top priority with only one in 10 FTSE100 CEOs having a background in tech, according to recruitment firm Robert Half.

Further reading on IT recruitment

Funding and financing for recruitment agencies

 

Michael Somerville

Michael Somerville

Michael was senior reporter for GrowthBusiness.co.uk from 2018 to 2019.

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