UK HR scale up Clear Review secures £2.6m funding
London HR tech scale-up Clear Review has secured £2.6m in investment.
The Series A round was led by AlbionVC with Mercia Technologies also participating.
The raise follows the £500,000 initial funding which took place in March 2018 from Mercia Technologies.
Clear Review said its mission is to enable individuals and teams to achieve “what matters most to the organisations and themselves.”
The company’s cloud-based platform promotes employee feedback and employee-manager conversations.
The latest round of funding will be used to create a Mircosoft Outlook extension, natural language processing, and new APIs and integrations.
Its clients include CYBG/Virgin Money, Ricoh, Kennedys and The Valuation Office Agency (VOA).
The company has now surpassed £1.5m annual recurring revenues, and has grown headcount by 5 times over the past 18 months, with interest from the US market which represents 20 per cent of its annual revenue
Founder and CEO Stuart Hearn was formerly HR director of Sony Music International.
“Annual appraisals are no longer cutting it and companies are looking for clear guidance as to how to move to more effective and engaging models,” said Hearn.
“Market awareness and adoption of new performance management models is increasing dramatically and we’re confident the recent funding will allow us to take things to the next level at just the right time.”
Emil Gigov, a partner at investor AlbionVC, explained what attracted the venture capitalist to invest.
“We were particularly impressed by the overwhelmingly positive customer comments and the high user adoption rates of Clear Review’s system.
“Stuart and the talented team at Clear Review have an exciting opportunity to continue supporting businesses in transforming their performance management approach. We’re excited to support Clear Review in their next stage of growth.”