Guildford HR firm MyPeople gains investment from Enterprise M3 Growth Fund to boost portfolio

Guildford-based MyPeople, the HR tech company, has completed an £800,000 funding round, including a £300,000 equity investment from the Enterprise M3 Growth Fund, in a bid to boost the former's client portfolio.

The Enterprise M3 Funding Escalator is £10million initiative funded by Enterprise M3 LEP and provides eligible companies with loans and equity funding between £50,000 and £500,000.

The cash is used for activities that will deliver high-growth and employment opportunities across the EM3 area.

READ MORE: Human resources expert sets up The HR Dept Salisbury & Andover

MyPeople's tech can generate insight into a candidate's suitability for a role in a few minutes, which helps to filter out and shortlist candidates, as well as guide the interview.

Paul Lyristis, senior fund manager at The FSE Group, which manages the Enterprise M3 Growth Fund on behalf of the LEP, said: "Whilst the recruitment sector as a whole is doing well, individual consultancies are finding it difficult to stand out from the 40,000 other recruitment companies currently operating.

"Most of these general businesses do not have a USP and desperately need to upskill and offer deeper insights into both job roles and candidates. We were impressed by the ease at which the MyPeople applications offer these insights, and we are very happy to support such a high achieving and innovative company."

Founder and CEO of MyPeople Christian Hughes added: "The sector’s current focus is on whether a candidate currently has the skills required, usually shown via a CV with little thought given to how a candidate will perform in the environment in which they will work; their new team!

"We are honoured to help people find jobs that provide them with meaning and purpose. Thank you to Paul and everyone at The FSE Group for understanding our ethos and supporting us through this funding round."

Hughes has gained unrivaled experience in team formation and culture while working with a number of high-profile sport teams, including GB Cycling - Team Sky, England Rugby - British and Irish Lions, Saracens Rugby and Crystal Palace FC.

Stephen Martin, managing director at Enterprise M3 LEP, added: "MyPeople’s software will go a long way in helping employers to match the right candidates to roles, improving hiring success by ensuring new recruits are the right fit for an organisation’s culture.

"This will ultimately result in saving time and recruitments costs, improving retention and boosting productivity. This is a great example of the type of innovative, high-tech business our Enterprise M3 Growth Fund seeks to support."

Visit Hampshire Biz News for bright, upbeat and positive business news from the county