A company which has designed a software platform that helps businesses optimise online recruitment has raised £630,000 to support its growth plans.
Smart Recruit Online secured the funding from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund (MEIF), and private investors.
Smart Recruit’s system combines the latest technologies with insights from behavioural science and tried and tested recruitment processes. It enables companies to address the problem of how to attract the best talent online quickly and at low costs.
The funding will allow the Milton Keynes-based company to develop its technology further, while expanding its 12-strong team, creating up to six new jobs.
Smart Recruit was designed by Mark Stephens, who has over 20 years of experience in the sector, for use in his own recruitment business. After recognising its potential, the team rebuilt the platform in 2015 to enable clients to use it directly.
It is now used by over 700 businesses, including Next, JCB, Securitas and Whistl, with an average cost per hire of under £300 and an average time-to-offer of 16 days, with 94% of vacancies successfully filled.
“Our platform solves a key problem for employers – how to recruit the best talent online quickly and efficiently and achieve better value from their budget,” said Stephens.
“Our existing clients are proof of the benefits it offers, and the latest investment will enable us to roll it out to many more companies.”
David Baker of Mercia added: “Smart Recruit Online is ideally suited for today’s digital world and remote working practices. Mark and his team have already built a strong client base, and the latest funding will allow them to enhance the technology further and scale up the business.”