Simon Swann, CEO of Hiring Hub
Manchester-based Hiring Hub, an online marketplace that helps companies find trusted recruitment agencies, has raised a £1.4m round of investment that will allow it to develop its proprietary platform, invest in marketing activity and strengthen its leadership team.
Hiring Hub connects companies to a community of independent recruitment agencies. Employers post their vacancy for free, and set a fee they would be willing to pay an agency if the agency found them a candidate they wanted to hire. Agencies can then submit their best candidates, allowing the employer to manage their recruitment activity in one place.
The platform, which boasts some 400 employers including BASF and B&M Retail, is proven to reduce time-to-hire to an average of 20 days, cut recruitment costs, and improve quality of hire.
The £1.4m round of investment was led by Maven Capital Partners, on behalf of the Northern Powerhouse Investment Fund. Hiring Hub were advised on the investment by Sam Mabon, partner at Brabners LLP, and Sam Davies, director at Knight Corporate Finance.
Simon Swan, CEO at Hiring Hub, said: “Recruitment was the original people business, yet nowadays it feels increasingly impersonal and commoditised, which has led to recruitment agencies being viewed as a necessary evil rather than professional advisors that deliver a valuable service.
“At Hiring Hub, we’re using technology to enable better relationships between employers and agencies, and address many of the industry’s core issues. This Maven understood, and with the market shifting towards smaller, independent agencies – who now represent over 80% of the supply chain – Hiring Hub is well-positioned to challenge the bigger brands while helping companies find the talent they need faster, and at a lower cost through specialist suppliers, rather than a large, traditional recruitment agency that deliver a slow, expensive, and commoditised service.”
Gavin Bell, investment manager at Maven, said: “We are delighted to invest in Simon and Hiring Hub’s innovative technology platform. With a strong board and entrepreneurial team, we believe that the business is well-positioned for rapid expansion as it disrupts this growing market. NPIF investments continue to support innovative businesses like Hiring Hub to fulfil their potential, and we look forward to working with the team.”
Grant Peggie, director at British Business Bank, said: “Maven has already supported a number of businesses in the North West, and we are pleased to be making a real difference to economies across the Northern Powerhouse region. This latest deal in the Greater Manchester area will provide vital jobs to the city and fuel the growth of an innovative company.”