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