MMC Ventures leads $2m follow-on investment in software company Invenias
Latest funding to continue “growth pattern” and support international expansion plans
Software solutions specialist Invenias has raised $2m in a deal led by existing investors MMC Ventures, bringing its total funding to date to $3.5m.
Tech veteran Mark Farmer, co-founder of Cramer Systems and Eden Ventures, also participated in the round and has joined the company’s board as chairman.
Founded in 2005, Reading-based Invenias specialises in software which is designed to help executive search firms, specialist recruitment, and enterprise recruitment organisations increase productivity and “deliver better assignments” and has a client portfolio which spans 30 countries.
It will use the finance to further develop its cloud-based desktop and mobile solutions, with the goal to grow its global customer base.
The round marks MMC Ventures and Farmer’s second investment in the software company, after backing $1.5m in July 2013 to help support its product development and customer acquisition objectives.
David Grundy, CEO and co-founder of Invenias, said: “It’s been an exciting and busy eight months for the team at Invenias – from growing the business to further developing the product.
“This latest funding from MMC Ventures and Mark Farmer will allow us to continue this momentum and further expand our international plans.
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“We are also delighted to be welcoming Mark as chairman of the board. His experience of building businesses – both with Cramer Systems and at Eden Ventures – is invaluable and we look forward to working together.”
Jon Coker, investment partner at MMC Ventures, added:
“Working with Invenias over the last year has strengthened our view that there is a big opportunity in this sector and we are pleased to further support the company.”