The advantage with enterprise startups if that they can be based just about anywhere. And that’s proved today with the news that Brightpearl, which a cloud-based business management system aimed at small to mid sized multi-channel retailers, has raised another $10m. The round led my MMC Ventures with participation from Quayle Munro and existing investors Eden Ventures and Notion Capital. That bring its total funding to date to around $24 million after previous funding rounds, including $8 million last year, and $5 million in 2011. This latest round will be used to accelerate investment in product and sales expansion.
U.K based cloud software company Invenias, specialising in HR and recruitment sector and has a GUI that works within Microsoft outlook has just topped up its funding with an additional round for expansion. The allocation was for US$ 2 Million and came from an existing investor.
Last summer Invenias received US$ 1.5 million in series A funding from MMC ventures and in addition several private investors, including Mark Farmer the founder of Eden Ventures. MMC Ventures took the lead again investing for a second time. Farmers credits include founding Cramer Systerms. Cramer Systems, was founded in 1996 by Jon Craton, Mark Farmer and Don Gibson, and developed OSS systems for the telecommunication industry. In August 2006 Amdocs announced the completion of the acquisition of the company for $425m, and has also joined the company as Chairman.
Invenias’ cloud-based software platform integrates with Microsoft Outlook so users can manage and view candidate data within the email program, rather than having to utilise separate software. Candidates’ LinkedIn, Facebook and Twitter feed accounts are also pulled into the Outlook app for easier viewing.
Invenias said today it plans to use the new financing to continue growing the business and for further international expansion, reportedly telling one source in the media that they have just under 500 customers, serving “thousands” of users across more than 30 countries. The company currently employs 80 of its own staff, across Europe, the Middle East and Asia.
Commenting on the new tranche of funding in a statement, Jon Coker, Investment Partner at MMC Ventures, said: “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.”