A fast-growing HR software platform that helps businesses manage employee performance across different locations has raised a further £3m from existing investors.
StaffCircle has received funding from Blackfinch Ventures and the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and is part of the Midlands Engine Investment Fund. The latest investment round, which brings the company’s total funding raised to date to £5m, will enable it to enhance its platform, expand its global reach and expand its team by creating 10 new jobs.
Leicester-based StaffCircle enables businesses to save time and maximize productivity by engaging employees, building a strong company culture and creating exceptional employee experiences.
The shift to hybrid working has helped fuel the company’s growth. In the previous financial year, at the end of March, it almost tripled its annual turnover to over £800,000, and is on track to break the £1million mark in the coming months.
StaffCircle has more than doubled its customer base in the past year and now provides its services to 125 organizations from various sectors, including the Food Standards Agency, financial services company finnCap, housing associations and NHS bodies, with international customers in the United States and Canada.
StaffCircle was founded in 2017 by serial entrepreneur Mark Seemann, based on his own experience managing remote teams. The company uses the platform itself to manage its own growing workforce of around 45 employees, some based in Leicester and others in locations around the UK. The latest round of funding will also allow it to add new features, including succession planning.
Mark Seemann, Founder and CEO of StaffCircle, said:
“With the hybrid working here to stay, businesses need the right technology to manage and motivate teams in different locations. StaffCircle helps an ever-growing number of organizations keep their employees connected and improve their productivity. We are delighted to have the continued support of our existing investors. The latest round of funding will help us build momentum and take the business to the next level.”
David Baker, Chief Investment Officer at Mercia, said:
“StaffCircle’s focus on remote worker management has helped differentiate it from its competitors and achieve significant growth. The company has already gained significant market traction, and this latest investment will bring it closer to its goal of becoming the leading end-to-end employee experience software provider.”
Commenting on the follow-on investment from Blackfinch, which previously invested £1.76m in StaffCircle, Dr Reuben Wilcock, Head of Enterprises at Blackfinch, said:
“We are delighted to have led StaffCircle’s latest investment and to support Mark’s vision for his platform, which is helping to create a culture of high performance in companies around the world. We have witnessed the impressive and steady growth of StaffCircle since we first invested in 2020 and we look forward to supporting the team on the next phase of their journey.”
Mark Wilcockson, Senior Investment Managerat the British Business Bank, said:
“MEIF continues to support growing businesses and this latest funding round for StaffCircle will allow the business to grow again and create new jobs in the region. The investment in StaffCircle is the perfect example of the how the MEIF can help growing businesses in the Midlands to scale up and create a positive economic impact in the region.”
The Midlands Engine Investment Fund is financially supported by the European Union through funding from the European Regional Development Fund (ERDF) under the European Structural and Investment Funds Growth Program 2014-2020 and the European Bank of investment.