Cube 19, a data analytics specialist that works with businesses in the recruitment sector, has secured a £1.75 million loan from the alternative lender BOOST&Co to support its international expansion following a strong period of growth.
The London-based SaaS company provides recruitment firms with dedicated data analytics software that can power their growth.
Clients use dashboards that deliver critical insights into how their business is performing and how they can ensure maximum productivity, and the software is also able to identify further opportunities across the sector.
Cube 19 has a partner-led approach: by working alongside the customer relationship management provider Bullhorn, the firm has enabled clients to embed its recruitment-specific dashboards into their existing systems.
Although many businesses suspended recruitment at the height of the COVID-19 pandemic, Cube 19, which has a track record of rapid growth, strong cash generation and good profitability, now has more than 400 customers and has already made six new appointments to its 42-strong team this year.
BOOST&Co has provided the business with a £1.75m term loan under the Coronavirus Business Interruption Loan Scheme (CBILS). With recruitment now gathering pace, the loan will enable Cube 19 to capitalise on this surge in demand by developing its platform and accelerating its growth internationally, particularly in the US.
BOOST&Co is a leading provider of growth capital for innovative, fast-growing UK SMEs. The independent asset manager offers loans from £2m to £10m, covering a wide range of sectors, with a strong track record in technology, media and telecommunications (TMT).
It has funded more than £500m across more than 130 deals to date and provided close to £200m under the government’s CBILS initiative in 2020 and 2021 to support UK SMEs during the Covid-19 pandemic.
Dan McGuire, the founder and chief executive of Cube 19, said: “When COVID-19 struck last year, every business had to put its growth plans on hold, but we were determined to keep our team together so that we would be ready to hit the ground running and capitalise on the rebound.
“We believe that a data culture is the foundation for elite performance, but recruitment is only just beginning to get to grips with what data can help it to achieve. This loan will help us to accelerate our growth plans and hire more talent for our teams in the UK and the US.”
Ryan Sorby, the head of the north and Scotland at BOOST&Co, says: “Before the pandemic, Cube 19 had scaled very quickly. Now, as the recovery begins, the company is going through one of its strongest periods of winning new business.
“The funding from BOOST&Co will help the company to develop its platform further and to continue to expand overseas, particularly in the US. With such a strong product, Cube 19 is an excellent example of a UK business developing innovative services that are being embraced in large markets around the world.”