Clear Review has secured £2.6milion of investment including £500,000 from Mercia Asset Management as it becomes Mercia’s latest direct investment.
The HR technology scale-up which promotes employee feedback had previously raised £500,000 in March 2018 from Mercia’s EIS Funds.
This latest round of investment will be used to accelerate product development, build out a US presence, and consolidate Clear Review’s position as the UK category leader in a new breed of performance management technology.
Its cloud-based performance development platform, which promotes frequent employee feedback and continuous employee-manager conversations, has experienced rapid growth since launching in 2016, with more than 200 customers adopting its new performance management technology.
The company has seen strong interest from the US market, which now represents 20% of annual revenue. Clear Review’s leadership team will further build out its presence in the US, scaling up its operation later this year.
Founder, CEO and former HR Director of Sony Music International, Stuart Hearn, said; “With the war for talent raging as strongly as ever, performance management is quickly moving up both HR and the C-suite’s priority list. Annual appraisals are no longer cutting it and companies are looking for clear guidance as to how to move to more effective and engaging models. We see customers such as CYBG/Virgin Money enjoying 96% monthly user adoption – unheard of with traditional models and systems. Market awareness and adoption of new performance management models is increasing dramatically and we’re confident the recent funding will allow us to take things to the next level at just the right time.”
Mercia’s Investment Director and Head of Software & The Internet, Alistair Forbes, said: “We have been delighted to support the Clear Review team again. Since Mercia’s initial investment the team has delivered impressive growth – this latest round of investment will support further product development in areas such as an Outlook extension, Natural Language Processing and API/integrations and allow the company to capitalise on the strong interest already generated in the US. Engaged employees are far more productive and more likely to stay and progress within their employer’s organisation, improving the overall performance of the business and their own career development.”
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