Arctic Shores secures £1.5m in venture debt from Silicon Valley Bank to fund team expansion
Silicon Valley Bank provided the venture debt financing to support the company as it targets further growth.
Arctic Shores provides psychometric assessment technology that uses cognitive neuroscience to evaluate candidates based on potential and soft skills. The Manchester-based firm helps employers improve workforce diversity and identify talent beyond traditional CV screening.
Human resources technology provider Arctic Shores has secured £1.5m in venture debt from Silicon Valley Bank. The fresh capital follows a period of strong commercial growth for the firm, including a 50 percent increase in revenues during the previous year. The company intends to direct the proceeds towards expanding its headcount and scaling its customer base.
Investor perspective
"Arctic Shores is an exciting Manchester-based innovation company, and it has been great to be able to support them on their impressive journey of rapid growth. We look forward to a continued partnership with the team as they look to scale further."
Ben Tickler
Director of Venture & Growth, Silicon Valley Bank
Use of funds
- 01Grow the team
Investors
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About the company
Arctic Shores
Arctic Shores provides psychometric assessment software that evaluates candidate potential and soft skills.