Employee engagement SaaS platform, Hive HR, has secured £1.2m investment.
Hive is a cloud-based platform that supports the HR function of organisations to help them improve employee engagement and communication. The platform collates and analyses employee feedback in real time and on a continuous basis, which serves to continually evolve and improve the HR function within a business, as well as helping to clarify and implement new policies and services for their employees.
Funding will enable Hive to invest in its sales and marketing activities and create a number of new roles to deliver on its expansion plans, whilst continuing to roll out a number of product enhancements.
The business already serves clients across banking, government bodies, property and education. These include Hermes, Shop Direct, Travelodge, Tarmac, River Island and various NHS and public sector organisations.
Maven provided £350,000 through its management of the North East Development Capital Fund, supported by the European Regional Development Fund, with £250,000 provided by Maven VCTs. The remaining £600,000 was raised from private investors, 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.”
John Ryder, Managing Director of Hive HR, 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.”