Funding helps recruiter target new markets

A recruitment specialist has secured investment to enter a new market, launch new services and strengthen its technology infrastructure.

Venda Search has received backing from the NPIF II – NEL Smaller Loans Fund, managed by NEL Fund Managers as part of the Northern Powerhouse Investment Fund II (NPIF II).

Founded in 2018, the Gateshead-headquartered company specialises in recruitment for the US power market.

It connects engineering, project delivery, sales and leadership professionals with businesses working across transmission and distribution, critical power and data centre infrastructure.

Bosses say the funding will support the launch of two new client services that have been in development for the past six months alongside the company’s expansion into a new market.

Investment is also being made in Venda Search’s technology systems to improve operational efficiency and service delivery while helping create longer-term recurring revenue streams.

James Owen, director at Venda Search, said: “The NEL investment comes at a key point in our growth journey. 

“Alongside establishing a desk focused on a new market, we have spent the last six months developing two new service offerings that will help us build longer-term client relationships and create recurring revenue streams within the business.

“Delivering these plans has required significant investment in upgrading our technology infrastructure. 

“By doing so, we are ensuring our consultants have the tools they need to operate at the highest level, allowing us to continue raising the standard of service we provide to both clients and candidates.

“This year has been about putting the right foundations in place for the future, and this investment helps ensure we are well positioned to continue building on that momentum.”

The investment follows a record financial year for Venda Search, during which it surpassed a number of growth targets.

The company has also continued to expand its teams in the UK and South Africa as it builds its international operations.

Susan Snowdon, investment executive at NEL Fund Managers, added: “Venda Search has built an impressive reputation within its specialist markets and has delivered strong growth through a clear focus on quality, expertise and client service. 

“The management team has demonstrated a strong vision for the future and has already invested significantly in building the foundations required for sustainable expansion.

“This funding will help the business capitalise on new opportunities, strengthen its service offering and support its ambition to build longer-term, recurring relationships with clients. 

“We are delighted to be supporting James and the wider team at this exciting stage in their growth journey and look forward to working with them as they continue to scale.”

The £660 million NPIF II fund, operated by British Business Bank, provides loans from £25,000 to £2 million and equity investment up to £5 million to help small and medium-sized businesses.

Sarah Newbould, senior investment manager at British Business Bank, added: “Venda Search’s investment in new markets, technology and service offerings demonstrates how ambitious businesses can use finance to build the foundations for their next phase of growth. 

“The Northern Powerhouse Investment Fund II is helping more Northern businesses turn ambition into action, creating new opportunities and supporting the sustainable economic growth that’s sits at the core of the Government’s Industrial Strategy.”

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