FSP advises Enterprise M3 Growth Fund on investment into Guildford Based HRTech Specialists
The Venture Capital team at Field Seymour Parkes led by Partner Penelope Garden has advised Enterprise M3 Growth Fund (“EM3”) on its £300,000 equity investment into MyPeople, a HRTech business specialising in measuring the environmental, behavioural and psychological factors that affect team performance as part of a £800,000 funding round. EM3’s investment is accompanied by investments from existing and new private investors which will be used to grow the team to increase the business’s client portfolio.
Based in Guildford, Surrey, MyPeople’s applications generate insight into candidate suitability for a role and team in under eight minutes. The candidate takes a psychometric on their work style and team preferences, which is then compared to the existing team’s responses to a similar psychometric. The reports generated from these questionnaires can help filter out and shortlist candidates, as well as guide the interview focus.
MyPeople’s expertise herald from CEO Christian Hughes unrivaled background in team formation and culture which he gained whilst 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.
Christian Hughes, Founder and CEO at MyPeople, said, “MyPeople enables recruiters and talent acquisition managers to move away from a binary choice of ‘suitable or unsuitable’ candidates by providing them with the tools for more meaningful metrics to assess which candidates to put forward. 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.”
Paul Lyristis, Senior Fund Manager at The FSE Group, which manages the Enterprise M3 Growth Fund on behalf of the LEP adds: “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.”
The Enterprise M3 Funding Escalator is £10million initiative funded by Enterprise M3 LEP. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £500,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.
