Tungl is a Tech Assessments platform, which can be used to validate tech candidates practical ability, knowledge and interpersonal skills. Its ready-made and bespoke tests streamlines the tech recruitment process and enables businesses to make quicker data-driven hiring decisions.
How was the deal introduced?
Mercia’s Fund Principal (Ian Wilson) was familiar with the company and its management team, as it was a spinout from a previous portfolio business. The company was looking for a new funding partner who could offer multiple rounds of funding.
What did the company plan to use the initial funds for?
The investment will allow the business to hire more staff in three areas, with 10 new positions forecast in the following roles:
- Developers to improve product
- A new head of marketing
- Sales people to drive trade
The business will also spend some of the investment refreshing its platform. This will make it easier to add new modules and functions and will allow the company to scale more quickly and, in the long term, should drive profitability.
What progress has the company made since the first investment?
The company is progressing having recently received investment. Notable client wins include Waterstones, Hays and the Scottish Football Association, and the business has hired a new head of marketing with the expectation that this will help promote inbound sales leads; to date, almost all sales have been generated through outbound activities.
Tungl is now building its next generation software platform and a new chair has joined and reinvigorated the board of directors and its strategic thinking.
The Mercia Effect
What have we been able to do for this company as a result of our involvement?
Mercia has leveraged its NED network to introduce a new chair, Ross Miller. Ross has brought a level of support and governance to the board that was required for this next phase of growth. Ross has brought strategy to the forefront and the business is now thinking about its long-term goals and how its day-to-day activities will allow them to get there.