Follow on investment brings UK-based Invenias' Series A round to $2M

March 19
9:02 AM 2014

The Series A round for UK-based Invenias has reached $2 million with the follow-on investment it recently received, TechCrunch reported.

The most recent funding round was led by MMC Ventures, who was also the lead investor in the company's $1.5 million Series A round in July last year. That round was also joined in by other private backers, one of whom was Eden Ventures Founder Mark Farmer. He is now the Chairman of Invenias, the report said.

Proceeds from the most recent funding round will be used to further grow its operations and expand it globally. In a statement about the funding on its website, Invenias said the business has exhibited rapid growth all throughout last year.

Invenias provides cloud-based software platform for executive search and recruitment. Since Invenias' solution works with Microsoft Outlook, it allows users to manage and look at applicant information using the email program instead of having to use another software. The program also allows the LinkedIn, Facebook and Twitter accounts of candidates to be viewed through the Outloook app, the report said.

MMC Ventures Investment Partner Jon Coker said in a statement, "Since initially investing in Invenias in July 2013, we have seen impressive growth and development from the team and we are delighted to be providing follow-on funding. Working with Invenias over the last year has strengthened our view that there is a big opportunity in this sector and we are pleased to further support the company."

Although the Invenias did not give particular figures about its customer base, it says the platform now has "thousands" of users in over 30 countries. It has a workforce of 80 spread out in Europe, the Middle East and Asia, the report said.

Invenias made it to "Britain's Hot Talent" by the British Venture Capital Association which is comprised of "the 100 most inventive, exciting and fastest-growing companies in the UK today," the statement on its website said.

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