Soft­ware firm closes first round of £6.1m in­vest­ment scheme

Yorkshire Post - Business - - FOCUS ON SMES -

SOFT­WARE FIRM Syft has closed its Series A in­vest­ment fund­ing round of £6.1m.

The round, led by Spo­tify’s first in­vestors Cre­an­dum also in­cludes back­ing from PRO­founders Cap­i­tal and Colle Cap­i­tal, along­side ex­ist­ing angel in­vestors such as David Haye and Lord Young, tak­ing Syft to an over­all £8.7m to­tal fund­ing in 20 months.

Launched in Novem­ber 2015, Syft of­fers a rev­o­lu­tion­ary on­line staffing plat­form for the hos­pi­tal­ity and events sec­tor in Leeds, Lon­don and Manch­ester.

Syft mar­kets it­self as a cost and time ef­fi­cient for em­ploy­ers, giv­ing them di­rect ac­cess to high qual­ity, fully trained staff via the app, which al­lows em­ploy­ers to view a range of job seek­ers with vary­ing ex­pe­ri­ence at an av­er­age cost of 55 per cent less than a tra­di­tional temp agency.

Clients in­clude Com­pass Group and Lord’s Cricket Ground.

In its less than 24 months of be­ing op­er­a­tional Syft has drawn more than 4,000 job seek­ers to the app.

After a few swipes on the app, job seek­ers can be added to the rota for a shift that pays on av­er­age £9.37 an hour, con­sid­er­ably higher than the av­er­age Lon­don hos­pi­tal­ity wage.

The plat­form al­lows di­rect ac­cess be­tween em­ploy­ers and staff, and han­dles all pay­roll and tax obli­ga­tions, with the em­ployer pay­ing staff wages and any Na­tional In­sur­ance con­tri­bu­tions via the app.

Jo­han Bren­ner, gen­eral part­ner at Cre­an­dum and one of Europe’s most ex­pe­ri­enced in­vestors and en­trepreneurs, has also been ap­pointed on to Syft’s board of direc­tors.

He said: “Syft has be­come the best mar­ket­place for temp work­ers thanks to a beau­ti­ful prod­uct that fits com­pa­nies of all sizes and work­ers with vary­ing skill sets.

“What sets Syft apart is a win­ning com­bi­na­tion of a top-notch team, ex­cel­lent prod­uct, and a model that ad­dresses all the short­com­ings of tra­di­tional temp agen­cies.”

Co-founder Jack Bea­man added: “At­tract­ing a fund of the stan­dard and rep­u­ta­tion of Cre­an­dum is not only very ex­cit­ing for us, but also for the UK startup scene.

“It’s ex­cit­ing that we con­tinue to see large fund­ing rounds com­ing into the UK after the Brexit vote.

“This round will help us con­sol­i­date our po­si­tion in the UK, ex­pand­ing na­tion­wide and launch­ing new sec­tors.”

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