London recruitment platform receives £3.5m investment
A London recruitment platform has announced that it has secured £3.5m to help support its SaaS solution.
Bright Network, a media technology recruitment platform, has received the investment from Maven Capital Partners. The transaction also includes investment from private equity firm Seneca Partners.
Maven´s funding will support Bright Network’s further business growth through investment in smart matching technology capabilities, as well as enhancing the sales and marketing resource working to bring more firms and early years talent to the platform.
Melanie Goward, investment director at Maven, commented: “We are pleased to lead the fundraising and further cement our relationship with this dynamic, mission-led business.
“We believe that it is vital not only to support growth businesses in the short term, during the current uncertain economic climate, but also to set them up for long-term growth and expansion.
“Bright Network is led by a highly driven team, which has produced impressive results to date and we look forward to working with them as the business continues its growth.
“The team has built an innovative platform in the fast-growing graduate recruitment marketplace and already has strong relationships with a number of leading global employers.”
James Uffindell, founder and CEO of Bright Network, said: “We are delighted to continue to grow our relationship with Maven Capital Partners who have been instrumental to our growth and strategy over the past two years.
“In these unprecedented and uncertain times, more so than ever, graduates from all backgrounds need all the help they can get to understand what the opportunities are, and how best to find them.
“With 80 per cent of this year’s graduates worried that COVID-19 will affect their university grades and 83 per cent feeling under more pressure due to uncertainty caused by COVID-19, it’s incumbent on universities, employers and services like ours to step up our support.
“It’s paramount that we ensure graduates get into the right careers and that firms hire the right talent – this will help to rebuild an economy that has been severely impacted by the coronavirus pandemic.”
John Davies, investment director at Seneca Partners, added: “We are delighted to be involved with such an innovative business, operating in a niche market segment with multiple expansion opportunities.
“Bright Network is an established business, led by an experienced management team with an excellent track record of delivering against plan, which makes it a great fit with Seneca’s investment mandate.”
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