An HR software business is creating jobs in the region after securing £1.2m in investment.
Newcastle firm Hive HR - which was a finalist in this year’s Tyneside and Northumberland Business Awards - plans to use the investment to boost its sales and marketing activities while creating a number of new roles to allow it to expand.
The cloud-based platform has been designed to support HR functions within organisations and help them improve their employee engagement and communication.
Managing director John Ryder said: “Hive has grown quickly in the last three years with very little capital. The whole team are now excited about what we will achieve with the additional backing from investors and are really pleased to welcome Maven as part of this round.”
Maven Capital Partners invested £350,000 in Hive HR using funds from the North East Development Capital Fund, which is supported by the European Regional Development Fund.
A further £250,000 was provided by Maven VCTs while the remaining £600,000 was raised from private investors, the firm’s management and via the Growth Capital Ventures co-investment platform.
Alex Marsh, investment manager at Maven, said: “The workplace is constantly evolving, and organisations must remain dynamic to ensure more than ever that they are keeping their employees happy, motivated and engaged.
“The Hive platform helps remove the additional burden this is creating for HR and leadership teams and is helping them respond better and more quickly to employee feedback to deliver initiatives and services to help retain and motivate staff in what is an increasingly competitive environment.
“John has built an impressive senior management team around him and we are delighted to support the business as it enters an exciting new phase of growth.”
Hive HR improves a company’s HR capabilities by collecting employee feedback through the use of surveys. The platform then collects and analyses the information on a continuous basis allowing it to continually evolve and improve the HR function at the business.
It also helps clarify and implement new policies and services for staff.
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