MEIF investment delivered by Midven will help HR software business create 10 jobs and develop additional product lines over the next three years
A Birmingham–based firm responsible for developing cloud based HR software has secured a £250,000 investment from leading venture capital firm Midven, using equity finance from the Midlands Engine Investment Fund (MEIF).
Midven has already invested £235,000 into Natural HR through its Early Advantage Fund since December 2015, seeding the company alongside several private investors. The software solutions company has continued to assert its presence in the emerging cloud-based HR software market, allowing Midven to invest a further £250,000 from the MEIF.
The firm has delivered solid year-on-year growth. This new investment will create ten new jobs at Natural HR over the next three years and will also be used for the development of additional product lines.
Natural HR was incorporated in 2012; however, the product concept was born in 2010 – its creation evolving from a growing need for online employee management systems. While originally designed to help employees who work remotely manage and submit their timesheets, the software has evolved into a full-service system covering the whole employee cycle. With customers in 89 countries, Natural HR’s product now incorporates time management, attendance, performance and expenses.
Sarah Dowzell, Director at Natural HR, said:“We’re thrilled to be receiving this investment from Midven. Natural HR has an exciting future and this funding will allow us to not only extend our team, but advance and develop our products and services for existing and new clients.”
Giovanni Finocchio, Investment Director at Midven, said:“We have seen Natural HR grow since our initial investment in 2015, having continued to develop market-leading HR solutions. I’m delighted we have invested further in what is an exciting and resourceful company with a huge amount of potential.”
Grant Peggie, Director at the British Business Bank, said: “The Midlands Engine Investment Fund was set up to plug gaps in access to finance and help businesses to grow.
“Our Fund Managers are keen to hear from other growing companies in the Midlands who are seeking to expand and innovate.”
Pat Hanlon, Director for Access to Finance for GBSLEP, said: “With access to the right investment and resources, innovative businesses like Natural HR are able to realise their full potential. It not only enables them to create jobs and generate growth, but also expand into new markets.
“We are keen to support businesses to access the most appropriate type of finance.”
The MEIF project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.