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StaffCircle Secures £ 3m Series A Investment From Blackfinch Ventures and Mercia – UK Technology Investment News

A rapidly growing human resources software platform that helps companies manage employee performance across multiple locations has raised an additional £ 3 million from existing investors.

Staff Circle has received funding from Blackfinch Ventures and the MEIF Proof of Concept and Fund for the initial phase, which is managed by Mercia and is part of the Midlands Engine Investment Fund. The latest round of investment, which brings the company’s total funding raised to date to £ 5 million, will allow it to enhance its platform, expand its global reach and expand its team by creating 10 new jobs.

StaffCircle, based in Leicester, allows companies to save time and maximize productivity by engaging employees, building a strong corporate culture and creating exceptional employee experiences.

The shift to hybrid work helped fuel the company’s growth. In the previous financial year, through the end of March, it nearly tripled its annual revenue to over £ 800,000 and is on the way to surpassing the £ 1 million mark in the coming months.

StaffCircle has more than doubled its client base in the past year and now offers its services to 125 organizations from different industries including the Food Standards Agency, financial services firm finnCap, building associations and NHS entities, with international clients. in the United States and Canada.

StaffCircle was founded in 2017 by serial entrepreneur Mark Seemann, based on his experience in managing remote teams. The company uses the platform itself to manage its growing workforce of around 45 employees, some based in Leicester and others in locations in the UK. The latest funding round will also add new features, including succession planning.

Mark Seemann, founder and CEO of StaffCircle, said:

With the hybrid working here to stay, companies need the right technology to manage and motivate teams in different places. StaffCircle is helping a growing number of organizations 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 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 differentiate it from the competition 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 provider of employee experience software. “

Commenting on Blackfinch’s subsequent investment, which had previously invested £ 1.76 million in StaffCircle, Dr Reuben Wilcock, Head of Ventures 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 high-performance culture in businesses around the world. We have seen StaffCircle’s impressive and steady growth since we first invested in 2020 and we look forward to supporting the team on the next stage of their journey. “

Mark Wilcockson, Senior Investment Manager at the British Business Bank, said:

“MEIF continues to support growing businesses and this latest round of funding for StaffCircle will allow the company to grow once again and create new jobs in the area. The investment in StaffCircle is the perfect example of how MEIF can help growing companies in the Midlands expand and create a positive economic impact in the region. ”

The Midlands Engine Investment Fund is financially supported by the European Union using funding from the European Regional Development Fund (ERDF) under the European Structural and Investment Funds Growth Program 2014-2020 and the European Investment Bank.

END

Press contacts

Alison Dwyer

Marketing and Communication Manager

Mercia Asset Management PLC

+44 (0) 7464 480 137

[email protected]

Pauline Rawsterne
Public relations agent
Turquoise PR

+44 (0) 161 860 6063
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About Mercia Asset Management PLC

Mercia is a proactive and specialized asset manager focused on supporting regional SMEs to realize their growth aspirations. Mercia provides capital through its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s “Complete Connected Capital”. The Group initially feeds the companies through third-party funds under management, then over time Mercia can provide additional financing to the most promising companies, employing continuation capital from direct investments from its balance sheet.

The Group has a strong presence in the UK through its regional offices, 19 university partnerships and extensive personal networks, which provide it with access to a stream of high quality deals. Mercia currently has around £ 800m in assets under management and has invested over £ 96m in its direct investment portfolio since its IPO in December 2014. Mercia Asset Management PLC is listed on AIM under the epic “MERC”.

The Group collects its Venture Capital Trust (VCT) and Enterprise Investment Scheme (EIS) funds and details on open offers are available on the Mercia website.

Mercia Asset Management PLC is listed on AIM under the epic “MERC” and includes the following wholly owned subsidiaries:

  • Mercia Fund Management Limited is authorized and regulated by the FCA under the reference number 524856
  • Enterprise Ventures Limited is authorized and regulated by the FCA under the reference number 183363
  • EV Business Loans Limited is authorized and regulated by the FCA under the reference number 443560

www.mercia.co.uk

About the Midlands Engine Investment Fund (MEIF)

The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in debt financing funds, small business loans, proof of concept and equity financing, ranging from £ 25,000 to £ 2 million, specifically to help small businesses. and medium-sized enterprises secure the financing they need for growth and development.

The Midlands Engine Investment Fund is managed by British Business Financial Services Limited, which is wholly owned by the British Business Bank, the UK’s national bank for economic development. Established in November 2014, its mission is to make financial markets work more effectively for small businesses, enabling them to thrive, grow and develop economic activity in the UK.

The Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department of Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank company.

MEIF covers the following LEP areas: Black Country, Coventry and Warwickshire, Greater Birmingham and Solihull, Stoke-on-Trent and Staffordshire, The Marches and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham and Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire and South East Midlands in the East and South East Midlands.

The project is receiving up to £ 78,550,000 in funding from the European Regional Development Fund of England under the European Structural and Investment Funds Growth Program 2014-2020. The program will continue to spend until the end of 2023.

The Department for Grading, Housing and Communities is the managing authority of the European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps territories to stimulate their economic development by investing in projects that will support innovation, businesses, create jobs and the regeneration of local communities. For more information visit www.gov.uk/european-growth-funding.

The European Investment Bank is providing £ 122,500,000 to support the Midlands Engine Investment Fund. This follows support for the Northern Powerhouse in 2017 and support from the newly launched North East Fund. For more information visit www.eib.org

The funds in which the Midlands Engine Investment Fund invests are open to companies with physical operations or intending to open physical operations in the West Midlands and the East and South East Midlands.

The British Business Bank has published the Business Finance Guide (in collaboration with ICAEW and 21 other business and financial organizations). The guide, which impartially illustrates the range of financing options available to businesses and provides links to support available regionally, is available at https://thebusinessfinanceguide.co.uk

On the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make financial markets work more effectively for small businesses, enabling them to thrive, grow and develop economic activity in the UK. Its job is to efficiently design, deliver and manage small business access across the UK to UK government financial programs.

The British Business Bank’s core programs support nearly £ 8 billion[1] of financing to nearly 94,800 small businesses[2]. Since March 2020, the British Business Bank has also launched four new corporate loan schemes for Coronavirus, providing nearly £ 73 billion in funding to around 1.6 million businesses.

In addition to increasing the supply and diversity of UK small business finance through its programs, the Bank works to raise awareness of the financial options available to small businesses. The British Business Bank financial hub provides independent and unbiased information to companies about their financial options, with short films, expert guides, checklists and articles from financial service providers to help make their application successful.

In light of the coronavirus pandemic and the exit from the EU, the financial hub has expanded and now caters to a wider corporate audience. It continues to provide information and support for expanding, high-growth, and potentially high-growth businesses, but now provides greater content, information and products for businesses with a survival and recovery mindset. The Finance Hub has been redesigned and repositioned to reflect this in this time of economic uncertainty.

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, with its registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a wholly-owned development bank of the HM government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorized or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A full table of the legal structure of the group is available at www.british-business-bank.co.uk.

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StaffCircle Secures £ 3m Series A Investment From Blackfinch Ventures and Mercia – UK Technology Investment News

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