Venn Digital supported by NPIF Investment
£500k will propel digital service business
Alderley Park-based Venn Digital has received £500,000 in funding to invest in recruitment of 45 new staff over three years and new product development.
Venn Digital works with recruitment agencies and employer brands and has shifted strategy from a digital marketing agency to a tech and service business.
The investment from Northern Powerhouse Investment Fund, through FW Capital, allow Venn to create further digital applications and allows recruiters to edit their website and upload jobs within the Vennture dashboard, adding extra analysis of website performance and product sales.
The business has doubled revenue and headcount in the last year from 20 to 40 people.
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 Venn 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.
“The support from Adam at FW Capital has been brilliant. He’s been very thorough and he has impressed me. After having a bad experience from a bank, it was refreshing to work with a team who really take the time to understand our business and support our ambitions. The journey we’re on is very exciting.”
Adam Husband, Senior Investment Executive at FW Capital facilitated the investment for Venn Digital following an introduction from Ben Day at Cowgills.
Husband 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.”