Alderley Park based Venn Digital has secured a £500,000 investment to support development of an innovative digital platform for recruitment firms around the world.
The investment from NPIF – FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment Fund (NPIF), is assisting Venn Digital to grow its team with the creation of 45 new roles over the next three years. Funding will also support the Alderley Park based business’ new Vennture tech platform for recruitment agencies as part of Venn Digital’s ongoing transformation from a digital marketing agency to a tech and service business specialising in recruitment marketing solutions.
Vennture is a platform created by Venn Digital that powers a suite of digital applications. It allows recruiters to edit their website and upload jobs within the Vennture dashboard and provides analysis of website performance and product sales. Launch of the platform has helped the business double its revenue and increase headcount from 20 to 40 people in the last year,
Brian Whigham, Chief Executive Officer at Venn Digital said:
“We identified a gap in the market for a service to deliver a digital platform for global recruiters which also provides marketing support. The additional marketing services we provide is what makes Vennture unique. We’ve experienced huge volumes of interest since its launch. So much so that we needed working capital to help us grow our team in order to meet this demand. The business has doubled in size, and we’re forecast to double in size again in the coming year to achieve £4 million in revenue.”
Adam Husband, Senior Investment Executive at FW Capital facilitated the investment for Venn Digital following an introduction from Ben Day at Cowgills.
Adam Husband, Senior Investment Executive at FW Capital said:
“This is a great example of how NPIF can help growing businesses. Due to the success of Vennture, Brian and his team were having to turn down work as they didn’t have the staff to deliver the volume of work coming through. The investment will support Venn Digital’s rapid expansion and future development of the Vennture product in line with their vision and market demand.”
Debbie Sorby at British Business Bank, said:
“The growth of Venn as a market leader in recruitment solutions is a testament to the forward thinking and innovative strategy it employs. It is great to see how with NPIF support, Venn can create jobs in the region, continually develop itself and achieve its goals.
“Supporting businesses in Cheshire brings us one step closer to fulfilling the wider levelling up ambitions of the region by attracting investment, creating new jobs, and boosting the local economy. I look forward to seeing the region continue to prosper with the support of the Northern Powerhouse Investment Fund.”
NPIF – FW Capital Debt Finance is managed by FW Capital and part of the Northern Powerhouse Investment Fund. It can provide loans in the NPIF region with a focus on Cumbria, Cheshire, Greater Manchester, Lancashire, Merseyside and the Tees Valley.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.