Sonovate, a finance and technology provider for contract recruitment, received £9 million in a Series B funding round, leading which was Global Founders Capital. The total investment consists of £9 million in equity and £5 million in debt funding. This is following from the £20 million funding round announced in February this year in Series A funding.
Sonovate brings contract finance aimed exclusively for the recruitment industry and provides both the funding and back-office support needed to run a successful, efficient contract business.
Designed to provide the finance and back-office and technology to support to run contractors, Sonovate removes many of the headaches associated with old-fashioned finance products such as Invoice Discounting & Invoice Factoring.
It does this by providing an alternative to the traditional invoice finance on offer to recruitment agencies. Richard Prime, co-CEO and co-founder of Sonovate, said:
“We launched Sonovate as a disruptive startup to challenge the status quo in recruitment. In just two years we have completely overtaken the banks, transformed the industry and changed how recruitment agencies operate and we are delighted that this has been recognised by Global Founders Capital.”
Sonovate is based out of London, and was launched in 2014 by Richard Prime and Damon Chapple. Currently, the company has 100 employees. It plans to use the money to keep innovating, grow its team and plan for international expansion in Europe and North America over the period of the next year. Daniel Jones, partner at Global Founders Capital, commented:
Sonovate’s product is a highly innovative solution that has made a huge impact on the recruitment sector in the UK. They have already demonstrated rapid growth and dominance within their market and we believe they have the potential to go even bigger. We’re excited to lead the Series B investment in Sonovate and support the team as they take the business to the next level.