Careerpass Network sets out plan to increase staff by 50% following £3m funding round
Innovative technology business Careerpass Network have secured a £3m investment in a funding round led by NPIF – Maven Equity Finance, managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund. The funding has been used to scale operations and create new jobs in the region.
Founded in Manchester, with team members now based across the UK, Careerpass Network was set up by CEO Zac Williams. The business is now comprised of six member brands, comprising a candidate database of 1 million students and graduates and a client base of over a thousand employers and over a third of UK universities.
The Careerpass Network’s mission is to build the workforce of tomorrow. Working across the entire graduate recruitment cycle, the group empowers universities to improve the employability of their students, helps graduate employers identify the best talent for their business, and works to improve efficiencies across the industry with innovate tech products.
The £3m funding round includes £1m investment split evenly between NPIF – Maven Equity Finance, the Maven VCTs and the Government’s Future Fund, well as a £2m CBILS acquisition facility via Boost & Co.
The NPIF investment is set to enable growth for the organisation whilst the wider investment enabled Careerpass Network to complete two strategic acquisitions which saw Gradcore Ltd and Graduate- Jobs.com Ltd join the group in 2021, increasing the business’s market share and service offering. Careerpass Network’s revenues have increased by 1500 per cent over the last three years and this year the group increased its number of jobs by 50 per cent following the expansions.
The company originally received NPIF investment in 2017 to develop the company’s platform and expand its reach. Despite a very challenging 2020, Careerpass Network has experienced strong growth across its brands and services after pivoting at the start of the pandemic to a wholly digital experience for its customers.
Simon Robb, portfolio director, at Maven Capital Partners, said: “We are delighted to further support Careerpass Network at such an exciting time in the company’s growth journey. We’ve worked with Zac and the team for four years now and have been impressed with their ability to drive the business forward and achieve a number of milestones that have enabled the business to expand despite the challenging circumstances of 2020. We look forward to working with the business as they begin to execute some ambitious goals in 2021.”
Zac Williams, CEO of Careerpass Network said: “This investment round enabled us to complete two really important and strategic acquisitions in 2021 which have already had such a huge impact on the business and its trajectory. I’m really proud of how well we’re performing despite all the challenges faced by our industry and the wider economy over the last 18 months, and I’m really excited to continue on this path of growth as we work to build the workforce of tomorrow.”