Video Software Firm Odro Secures £5.2m Funding from BGF to Accelerate International Growth Trajectory
19 May 2021: BGF, the UK and Ireland’s most active growth capital investor, has completed a £5.2 million investment in Odro, a Scottish-headquartered technology business that provides video interviewing and engagement software to the recruitment industry.
Since 2015, when it started with just two full time employees, Odro has more than doubled in size every year, with year-on-year growth in ARR of 111% as of February 2021. The Glasgow-based company now employs over 40 staff and boasts a rapidly expanding client base of household recruitment names including The Adecco Group, Robert Walters and Kelly Services.
Used by tens of thousands of recruiters globally, Odro provides its 700+ strong client base with a premium video recruitment product that helps them to streamline their processes and drive profitability.
BGF has acquired a minority stake in the business to help fund a global expansion plan that will see the company opening offices in Australia and North America, as well as adding over 20 staff within the next two years.
Alongside the cash injection, Rob Crossland has joined as chairman. Former founder of the Optionis Group, Crossland is an award-winning entrepreneur turned advisor who grew revenues in his staffing industry service group from £1 to £350m. Rob’s appointment is the result of an introduction from BGF’s Talent Network, which is the UK’s largest pool of non-executive directors. An advocate of digital transformation and scalable process delivery, he brings with him a wealth of experience to help the company realise its international expansion plans.
In addition, Dougie Loan has been promoted to CRO (Chief Revenue Officer). Dougie was the company’s first salesperson and will play a key role in building revenue generation and driving sales in the next stage of Odro’s growth.
Odro CEO, Ryan McCabe, says:
“Until now we’ve grown organically, reinvesting profits back into the business to help us scale. I’m extremely proud of that journey and what we’ve achieved; and now is the right time for us to take on investment. We’ve built a solid foundation and are primed for international expansion. With BGF’s backing, we can really accelerate that plan.
“Crucial for me was taking on the right partner. I met with upwards of 20 investors but decided to proceed with BGF due to the strong level of alignment with the team there. I’m really excited to have BGF’s backing, and to welcome Rob to the board. Considering where we are now, I can only imagine the journey we’re about to go on with their support.”
Euan Baxter, investor at BGF, said:
“Odro has built an enviable reputation. They are already recognised as one of the world’s foremost video brands in their industry, despite currently concentrating almost exclusively on the UK market. We’ve been really impressed with the tech, which provides agencies with a complete 360 solution to manage the digital hiring process, and with their customer advocacy.
“The journey the company has been on so far is incredible. The growth it has achieved to date is testament to the product, and to the team that’s in place driving the business forward. That is what BGF is backing, and we’re delighted to be on board at what’s hopefully going to prove the most exciting time in the company’s history.”
Advisers to the deal included:
· BGF: Addleshaw Goddard LLP
· Odro: Knights Plc
BGF was set up in 2011 and has invested £2.5bn in nearly 400 companies, making it the most active investor in the UK. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 16 offices. In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2019, Australia did the same, both based on BGF’s funding model.
Odro was incepted in 2015 and is the UK’s leading video software provider to the recruitment industry. With over 700 clients worldwide and more than 10,000 platform users, Odro has grown from humble beginnings to become one of the world’s foremost recruitment technology suppliers. The Odro platform provides agencies with advanced interviewing, sales messaging and video content creation tools in one complete end-to-end solution. The company now counts some of the industry’s leading names amongst its growing global client base.