Published: Jun 02, 2021
Focus: North East Development Capital Fund
The transaction follows an impressive six months of growth with more and more organisations now prioritising how their people are feeling in the midst of significant changes to their ways of working. The funding will be used to accelerate Hive’s roadmap alongside a renewed focus on outbound sales to support its expanding digital presence and online services.
Since the NEDCF’s original investment in Hive HR in April 2019 the business has enjoyed strong growth and has continued to add to its impressive client base, which includes River Island, Hermes, Travelodge, Tarmac, and Northumbria Police. Last year’s investment assisted the business in building out its research and product development function and investing in its sales and marketing activities to grow its customer reach.
Hive is a B2B SaaS proposition playing in the work tech space and provides organisations with a modern and actionable approach to employee voice. The business has a strong management team led by CEO, John Ryder, who has over 15 years’ experience in digital marketing and the technology sector. John was previously Head of Innovation at leading North East eCommerce firm Visualsoft.
The global SaaS and HR Tech market is expanding rapidly with annual double-digit growth fuelled by organisations demanding more cost-effective and flexible cloud-based solutions. Over 28% of global HR enterprise applications are now being delivered on a SaaS platform and is forecasted to increase significantly to 86% by 2022.