Hiring Hub lands £725k investment
HIRING Hub, the online marketplace which pairs up employers with specialist recruitment agencies to fill jobs, has raised a further £725,000 investment to develop its platform.
Hiring Hub is currently used by more than 500 employers, who it helps find candidates quickly through its network of specialist recruitment agencies.
It’s free for employers to post briefs on the marketplace, while recruitment agencies pay a monthly membership fee to access the platform and increase their fee income.
The cash injection will also see the Northern Quarter company continue scaling its team, fuel sales and marketing activity.
In 2017 Hiring Hub received £1.35m from Maven Capital Partners, on behalf of the Northern Powerhouse Investment Fund, and existing investor VentureFounders to boost its technology
The latest round of funding was secured from Maven and Manchester Tech Trust Angels.
“The business has made real progress over the last 18 months,” said Simon Swan, CEO of Hiring Hub.
“It’s fantastic to have investors on board that back our vision of supporting the UK’s 16,000-plus independent recruitment agencies, while using technology to provide transparency, choice and speed – in doing so enhancing the customer experience – in what is a £35bn domestic market.”
James Codling, managing director of VentureFounders, said: “We have backed Simon and the team since 2014. It’s great to see this Manchester-based business securing further VC capital and demonstrating strong growth. We’re delighted with Hiring Hub’s continued success, this capital being pivotal in allowing the company to scale and achieve its full potential.”
Employers post jobs on Hiring Hub’s marketplace and state the fee they are willing to pay a recruitment agency upfront, for clarity. Agencies the employer selects then submit their best candidates. The recruitment process is managed on Hiring Hub’s portal, centralising and streamlining what can be an admin-heavy activity. Employers using Hiring Hub typically fill jobs in an average of 20 days, some three times faster than the industry average, while the top recruitment agencies on the platform make more than £120,000 a year.