Blackfinch increases investment in Glasgow-based Candidate.ID to £1.3m

Adam Gordon, CEO at Candidate.ID
  • Blackfinch secures 12 investment deals totalling GBP11 million ahead of deadline
  • Candidate.ID benefits from follow-on investment as part of the funding round
  • Investment aligns to the environment, social and governance values of Blackfinch

BLACKFINCH has invested GBP700 thousand in innovative Glasgow-based recruitment software developer Candidate.ID.

The move follows an initial GBP630 thousand investment deal which completed in April 2020, and marks just one of 12 new deals totalling in excess of GBP11 million completed by Blackfinch Ventures ahead of the tax-year-end deadline.

Founded in 2015, Candidate.ID produces software that provides recruiters daily with information based on candidates’ interactions with a company’s online content.

Aimed at both mid-large employers and specialist staffing companies, the company’s talent platform is a fast-track solution to hiring which can replace a company’s customer relationship management system to provide enhanced recruitment performance.

It boasts a range of time and cost-saving smart features including candidate sourcing, recruitment analytics, candidate management and email marketing.

The additional investment from Blackfinch will further allow the company to focus on its ambitious revenue growth plans while further developing the machine learning behind its solution.

Familiar names such as Staffcircle and Kokoon join Candidate.ID to make up the seven companies to have received follow on investment from Blackfinch in totals ranging from GBP430 thousand through to GBP1.09 million.

A further five new companies – including digital vendor management platform Brooklyn Vendor Assurance, global client engagement platform Clientshare, embedded integration platform Cyclr, real-time market research company OnePulse, and hyper-realistic text-to-speech platform LSTN – also secured a total of GBP6.5million.

Both the ‘quality and quantity’ of the number of investments reflects the ‘passion of the team’, according to Blackfinch’s Dr Reuben Wilcock, who said the total amount raised also reflected a ‘real confidence’ in the Group’s commitment to investing in disruptive businesses that deliver a solid return on investment.

A total of GBP10.4 million was raised through Blackfinch’s EIS Ventures Portfolios this tax year, which invests in innovative start-up and early-stage technology companies across the UK in a variety of industry sectors, and a further GBP5.8 million was raised through its Spring Venture Capital Trust (VCT) which invests primarily in companies at the start of their growth journey.

Combined, Blackfinch Ventures targets high-growth opportunities, as well as supporting start-ups and early stage and growth stage businesses with technological potential. The focus is on disruptive businesses, offering products that address real world needs, with the capability to make an impact in global markets.

It follows a comprehensive rebrand for the Blackfinch Group, which last year confirmed its commitment to helping to create a more sustainable world through its own focus on environment, social and governance factors.

Commenting on the latest investment in Candidate.ID, Dr Reuben Wilcock, ventures director at Blackfinch, said: “Recruitment has seen significant disruption in recent years as technology solutions automate processes, increasing productivity. We chose to invest in Candidate.ID because we believe in the team’s vision for automated talent recruitment and a more positive experience for job seekers.

“We were also impressed with the recently re-launched platform and how the company has already secured global traction.”

Adam Gordon, CEO at Candidate.ID, said: “We’re delighted to have raised additional investment from Blackfinch Ventures. Their team worked closely with us to make this deal straightforward and we have really benefited from their input and guidance over the last 12 months as we navigated the pandemic while growing our customer base and revenue.”

Dr Reuben Wilcock added: “The growing Ventures portfolio is reflective not only of Blackfinch’s commitment to investing in innovative technology-driven companies that reflect our own environment, social and governance (ESG) values, but also the value that those businesses see in having us as their investment partner and the role that we can play in furthering their growth ambitions.

“Similarly, the total of funds raised is reflective of a real confidence from both new and existing clients in our commitment, as an investment group, to cementing lasting relationships with exciting, disruptive businesses that create products and platforms that address real world needs.”

New Investments:

  • Brooklyn Vendor Assurance – GBP 1.60 million;
  • Clientshare – GBP1.33 million;
  • Cyclr – GBP1.60 million;
  • OnePulse – GBP1.60 million;
  • LSTN – GBP440 thousand.

Follow On Investments:

  • Candidate.ID – GBP760 thousand;
  • Cyance – GBP440 thousand;
  • Edozo – GBP870 thousand;
  • Kokoon – GBP430 thousand;
  • Staffcircle – GBP1.09 million;
  • Tended – GBP600 thousand;
  • Transreport – GBP540 thousand.

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