Maven VCTs lead £3.5 million funding round in Bright Network
Maven has led a further investment in Bright Network, a media technology recruitment platform which connects leading employers with the high quality graduate workforce of tomorrow. Maven originally invested in Bright Network in July 2018, alongside existing and angel investors, to support the launch of its new Software as a Service (SaaS) solution, and the company has since generated 50% Year on Year revenue growth.
Bright Network currently has around 280,000 graduate or student members and connects exceptionally talented candidates with client organisations, including the likes of Goldman Sachs, EY, Dyson, P&G and the armed forces. The company has a key focus on providing high quality career opportunities for graduates of all educational and ethnic backgrounds, including those from the state-school sector.
Through its innovative technology platform, Bright Network aims to equip the next graduate generation with the skills, connections, expert advice and training required to build a career in their chosen fields. It has developed superior data targeting and segmentation techniques to achieve higher candidate and employer engagement, which has enabled clients to achieve improved results relative to other talent acquisition channels.
With the current climate of uncertainty brought about by the pandemic, e-learning and the skills economy will be more important than ever. Bright Network’s recent report, What Do Graduates Want? Data Insights from the Future Workforce, revealed the coming generation of graduates are experiencing much lower confidence and a noticeable fall in employment opportunities as a result of COVID-19.
Dubbed the "Corona Class of 2020", this group will disproportionately bear the economic brunt of the virus. As a direct and practical response, Bright Network has launched a new ‘virtual’ scheme, Internship Experience UK, that will aim to support the 800,000 people who will graduate from school or university this year. It offers three-day internship type experiences for all students and graduates across the country to help them gain skills, boost employability and build their network.
Maven´s funding will support Bright Network’s further business growth through investment in smart matching technology capabilities, as well as enhancing the sales and marketing resource working to bring more firms and early years talent to the platform.
Despite many client firms experiencing issues fueled by skill shortages and economic uncertainty, the UK recruitment industry produced turnover of around £39bn last year, with 85% generated through contract placements and only 15% through permanent roles. Notwithstanding the current challenges faced by businesses during the COVID-19 pandemic, searching for the best talent will continue to be a key priority for progressive businesses.
We are pleased to lead the fundraising and further cement our relationship with this dynamic, mission-led business. We believe that it is vital not only to support growth businesses in the short term, during the current uncertain economic climate, but also to set them up for long-term growth and expansion. Bright Network is led by a highly driven team, which has produced impressive results to date and we look forward to working with them as the business continues its growth. The team has built an innovative platform in the fast-growing graduate recruitment marketplace and already has strong relationships with a number of leading global employers.
Melanie Goward, Investment Director at Maven
We are delighted to continue to grow our relationship with Maven who have been instrumental to our growth and strategy over the past two years. In these unprecedented and uncertain times, more so than ever, graduates from all backgrounds need all the help they can get to understand what the opportunities are, and how best to find them. With 80% of this year’s graduates worried that COVID-19 will affect their university grades and 83% feeling under more pressure due to uncertainty caused by COVID-19, it’s incumbent on universities, employers and services like ours to step up our support. It’s paramount that we ensure graduates get into the right careers and that firms hire the right talent – this will help to rebuild an economy that has been severely impacted by the coronavirus pandemic.
James Uffindell, Founder and CEO of Bright Network