Newcastle SaaS company secures £1.75m funding after doubling revenue

A Newcastle software company has announced that it has secured £1.75m in funding after doubling its revenue in the last year.

Hive HR, an employee engagement Software-as-a-Service (SaaS) solution, saw the funding round co-led by the North East Development Capital Fund, which contributed £500k.

The funding will assist the business with its next phase of growth, building out its research and product development function.

David Nixon, investment manager at Maven, commented: “As the importance of attracting, motivating and retaining employees becomes paramount in today’s competitive environment, Hive have developed a leading proposition through its attractive, user friendly, real-time employee engagement platform that helps drive productivity and efficiency gains for its clients.

“We are delighted to continue our support for John and Hive by leading the latest funding round which will enable this strong team to embark on several exciting developments for the business as it continues its fantastic growth story.”

John Ryder, founder and CEO of Hive HR, said: “The success of this investment round is a massive vote of confidence in our future and gives us an even stronger foundation to keep growing as a business.

“Maven has been a huge support to Hive and there’s absolutely no doubt that we’ll be using our investment wisely to develop our product and our people—bringing onboard new talent across the business, with a key focus in Product and Engineering departments, while also training and elevating our current team members.

“I’ve personally never worked with such a talented, passionate bunch of people and we’re all really proud of what we’ve achieved together so far.”