UK-based HR tech start-up HR DataHub provides a comparison solution for companies to compare their performance in such things as pay and benefits, retention and recruitment, employee engagement, and diversity and inclusion, against those of their competitors.
The funding of £1.4 million is from the MEIF Proof of Concept & Early Stage Fund which is managed by Mercia and part of the Midlands Engine Investment Fund, Mercia’s EIS funds, the Angel Co-Fund and private investors.
The fresh funding will help to further enhance the platform and triple the size of its team in the next eighteen months.
Companies share their data to accumulate industry insights. To date HR DataHub has racked up 160 organisations including Siemens, Euro Garages, EDF, Network Rail and Marks & Spencer and it plans to increase customer numbers to over 500 within the next five years.
“The world of work has never been more complex, so it is important that organisations make decisions based on accurate data. At HR DataHub our mission is to give them the analysis and the insights they need. The funding will enable us to add a new level of sophistication to the platform and roll it out to an even wider audience,” says Alexa Grellet, HR DataHub's COO.
HR DataHub was founded in 2018 by David Whitfield, with Grellet jumping aboard as a co-founder in 2021. Its annual recurring revenue has been doubling each year and is currently over £650,000.
“The use of data-driven intelligence has already revolutionised areas such as finance and sales and David and Alexa are now bringing this same approach to HR. HR DataHub offers labour market analysis without the expense of consultants or salary surveys. With upwards pressure on wages, HR DataHub could help organisations align pay and benefits more effectively with the market to improve employee retention and enable cost savings,” says Stephen Windsor of Mercia.