MMC Ventures and Mark Farmer of Eden Ventures provide follow-on investment as Mark joins the company as Chairman
19 March 2014, London: Invenias, the provider of software solutions to the executive search and strategic recruitment sector, has completed a follow-on funding round led by award-winning fund managers MMC Ventures, bringing the total raised in this round to $2 million. In addition, Mark Farmer the UK Tech Veteran, who co-founded Cramer and Eden Ventures, joins the fast-growing company as Chairman and continues to invest privately in the business. Invenias has recently been listed in the British Venture Capital Association’s ‘Britain's Hot Talent’ - the 100 most inventive, exciting and fastest-growing companies in the UK today.
This investment follows a previous MMC Ventures-led $1.5m funding round in July 2013, which saw MMC first team up with Mark Farmer to support Invenias’ product development and customer acquisition objectives. Throughout 2013 the business has continued to grow rapidly and this latest round of funding will enable Invenias to continue this growth pattern and expand internationally.
As Chairman of the Board, Mark - a co-founder at Eden Ventures - brings with him considerable entrepreneurial experience, having founded Cramer Systems before selling the business to Amdocs in 2006 for $425m.
David Grundy, CEO and co-founder of Invenias, said, “It’s been an exciting and busy eight months for the team at Invenias – from growing the business to further developing the product. This latest funding from MMC Ventures and Mark Farmer will allow us to continue this momentum and further expand our international plans. We are also delighted to be welcoming Mark as Chairman of the Board. His experience of building businesses – both with Cramer Systems and at Eden Ventures – is invaluable and we look forward to working together.”
Jon Coker, Investment Partner at MMC Ventures, commented: “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.”
Invenias has also recently won many new customers, driving its incredible international growth – including RP International, the London-based international search and recruitment firm specialising in the provision of C-suite and senior management technology professionals across multiple sectors, including Banking & Financial Services, Telecoms & Media, IT Transformation, Legal, Retail, Aviation & Logistics, Oil & Gas, Government, Defence & Utilities. Invenias will support its 80-person international workforce across Europe, the Middle East and Asia.
“We are delighted to have selected Invenias. Of all the solutions in the marketplace we felt Invenias was the only one that would underpin our strategy of internationalism and diversification into new markets,” said Stuart Wilson, CEO of RP International.
Invenias® is a privately owned software company that enables executive search firms, specialist recruitment companies and enterprise recruitment organizations to effectively deliver better assignments, build stronger relationships with clients and candidates and transform the productivity of their operations with easy to use cloud-based desktop and mobile applications. Incorporated in 2005, Invenias serves thousands of users in over thirty countries across the globe. Invenias is headquartered in Reading, United Kingdom, with additional offices in the US and Malaysia. For more information, please visit www.invenias.com.
About MMC Ventures
Founded in 2000, MMC Ventures is an active investor and award-winning venture fund manager, focused on technology-enabled sectors where the UK is a world leader -particularly financial and business services, business software, digital media and e-commerce. With over £110 million under management, and investing £15 million+ annually, MMC was ranked among the top most active early-stage UK investors in both 2012 and 2013.
MMC’s existing portfolio includes AlexandAlexa, Base79, Interactive Investor, Knowledgemill, LoveHomeSwap, Reevoo, NewVoiceMedia, Tyres on the Drive, Masabi, TotalMobile, Safeguard, iJento, Small World, Somo and Boticca.