Bright Network secures new venture capital investment
Company plans to fund growth expansion plans
Bright Network, the social recruitment site, has secured investment from a consortium of angel investors with impressive track records in recruitment and technology.
Launched in 2009 by James Uffindell, Bright Network provides a social recruitment network for graduates and young professionals in the UK. The company has partnerships with over 50 leading companies including Allen & Overy, Goldman Sachs, The Mind Gym and KPMG. It also runs Bright Stars – a new annual event to connect 200 of the very brightest state school sixth formers with leading blue-chip recruiters.
The minority stake sold for £300,000 and the funding will be used by Bright Network to invest in developing and improving the company’s social network, attract additional high-quality staff, and increase its marketing activity. The company also plans to expand internationally.
Venture capitalist Michael Jackson and Zach Miles, a former chief executive of Vedior, the recruitment business that was acquired for …3.5 billion by Randstad in 2008, will join the company’s board. Jackson will become Bright Network’s chairman.
Commenting on the recent investment, Uffindell said: “We’re proud to be at the forefront of this evolving model, and working with investors who understand and share our passion for social recruitment will allow us to expand the business both in the UK and overseas.”
Jackson said: “The application of technology to recruitment has massive potential to disrupt the current market, improve the flow of information and ensure firms find the right people faster and more cost efficiently.
“Bright Network, with its already established impressive client relationships, high quality and strong user base and core understanding of social media, is in the perfect position to continue to exploit the opportunity and I think it can quickly become a multi-million pound company.”
© Crimson Business. Ltd 2011