Maven has led a £1.2 million investment into Hive HR (Hive). The innovative employee engagement Software-as-a-Service (SaaS) platform Maven co-invested alongside the North East Development Capital Fund, supported by the European Regional Development Fund, Growth Capital Ventures, as well as a network of private investors and management.
The funding will enable Hive to invest in its sales and marketing resource and create a number of new roles to deliver on its ambitious expansion plans, whilst support the roll out of a number of innovative product enhancements.
Hive is a cloud-based platform (www.hive.hr) that supports the HR function of organisations to help them improve employee engagement and communication. The platform collates and analyses employee feedback in real time and on a continuous basis, which serves to continually evolve and improve the HR function within a business, as well as helping to clarify and implement new policies and services for their employees.
The business already boasts an impressive client list across a number of sectors, including banking, government bodies, property and education. These include Hermes, Shop Direct, Travelodge, Tarmac, River Island and various NHS and public sector organisations.
The cloud services market has grown rapidly in recent years and this shift is particularly prevalent in HR software with SaaS centric platforms set to increase from 28% globally in 2017 to 86% by 2022.
The workplace is constantly evolving, and organisations must remain dynamic to ensure more than ever that they are keeping their employees happy, motivated and engaged. The Hive platform helps remove the additional burden this is creating for HR and leadership teams and is helping them respond better and more quickly to employee feedback to deliver initiatives and services to help retain and motivate staff in what is an increasingly competitive environment. John has built an impressive senior management team around him and we are delighted to support the business as it enters an exciting new phase of growth.
Alex Marsh, Investment Manager at Maven
Hive has grown quickly in the last three years with very little capital. The whole team are now excited about what we will achieve with the additional backing from investors and are really pleased to welcome Maven as part of this round.
John Ryder, Managing Director at Hive HR