Newcastle-based HR firm Hive has secured £1.2 million investment.
The employee engagement platform will use the investment to fund headcount additions and new product development.
The company’s software-as-a-service product aims to help HR managers and employers improve engagement through staff surveys, collating and analysing the feedback received.
Maven Capital Partners has led the funding round, providing £350,000 through its management of the North East Development Capital Fund, supported by the European Regional Development Fund.
“Hive has grown quickly in the last three years with very little capital,” said John Ryder, managing director of Hive HR.
“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.”
Alex Marsh, investment manager at Maven, added: “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.”