London HR tech startup closes first round of funding with £500k

Clear Review, the London-based supplier of continuous performance management solutions, has completed its first round funding with Mercia Technologies PLC.

Following its launch less than two years ago, Clear Review has seen growth in turnover of 170%, and an increase in customer numbers from 27 up to 84, including nine in the USA and 21 signed in the last quarter.

Users of Clear Review include Investors in People, Clydesdale & Yorkshire Banking Group, Aston Villa Football Club, Equality & Human Rights Commission, Newport City Council and the UK Supreme Court.

Mercia has invested £500k in Clear Review.

Alistair Forbes, investment director and head of software and the internet at Mercia, said: “As forward thinking businesses move away from outdated annual performance reviews, Clear Review offers a system that supports a more effective continuous performance management approach.

“The company has demonstrated early success in its market by proving the concept of continuous performance management and building an impressive list of blue-chip clients.

“The company has a detailed product roadmap and growing customer list which we expect to continue as the funding provided will enable further development into new market segments.”

Stuart Hearn, founder and CEO of Clear Review, commented: “When we started out less than three years ago, the concept of continuous performance management was new and most of our clients were early adopters.

“The market is moving rapidly and we are now seeing early maturity and follower organisations embracing this methodology for increasing employee productivity and staff engagement.

“We are delighted to have secured this first round funding from Mercia Technologies who understand the issues we are addressing and the concept we are promoting. We are now poised to fast-track our growth, taking first mover advantage to gain significant market share.”

In 2018 Clear Review is looking to grow headcount and is currently recruiting for roles across the business in the coming months.