HR DataHub, a London, UK-based HRtech business that helps companies to benchmark themselves against competitors, raised £1.4 million in funding.
The investment was from the MEIF Proof of Concept and Early Stage Fund, which is managed by Mercia and is part of the Midlands Engine Investment Fund, Mercia's EIS funds, the Angel Co-Fund, and private investors.
The funding will enable the business to further enhance the platform and triple the size of its team from 10 to 30 in the next 18 months.
HR Datahub's platform enables organizations to compare themselves to others in the same industry or same location on almost every aspect of their HR performance - including pay and benefits, retention and recruitment, employee engagement, and diversity and inclusion.
It is now used by 160 organizations including Siemens, Euro Garages, EDF, Network Rail, and Marks & Spencer, and aims to increase customer numbers to over 500 within the next five years. Annual recurring revenue has been doubling each year and is currently over £650,000.
Alexa Grellet, COO, said: "The world of work has never been more complex, so it is important that organisations make decisions based on accurate data. At HR Datahub our mission is to give them the analysis and the insights they need. The funding will enable us to add a new level of sophistication to the platform and roll it out to an even wider audience."
Company: HR DataHub
Raised: £1.4M
Round: Unknown
Funding Month: May 2023
Lead Investors: MEIF Proof of Concept & Early Stage Fund
Additional Investors:
Company Website: https://www.hrdatahub.com/
Software Category: HR Intelligence Platform
About the Company: Founded in 2018 by David Whitfield, HR DataHub is an intelligence platform for HR teams and provides technology-powered objective insights. The company helps organizations make data-led people decisions by collecting reliable, wide-ranging HR data and combining it with cutting-edge technology to provide actionable insights for organizations no matter the size or industry they operate in. HR DataHub collects HR data straight from organizations in all sectors and uses that to provide reliable market analysis so that organizations can benchmark themselves against others, safely and confidentially. They cover all the HR topics under one roof: Reward, Diversity and Inclusion, Employee Relations, Recruitment, Engagement, Talent, Learning & Development, HR Efficiency, Benefits, and Pay Gaps.
Source: Pauline Rawsterne, PR Agent-Turquoise PR