Haystack secures £500k from the North East Venture Fund to fuel US expansion
The recruitment platform has raised funding managed by Mercia to support its expansion into the US market.
Haystack operates a technology recruitment platform that connects developers, data engineers and other professionals directly with employers through a matching algorithm.
Haystack has secured £500k in a seed follow-on investment from the North East Venture Fund, which is supported by the European Regional Development Fund and managed by Mercia. The platform connects tech professionals with suitable roles using an algorithm, removing the need for traditional recruitment agencies.
The fresh capital will be directed towards enhancing the platform and establishing a dedicated US site to meet growing demand from international clients. Founded in Newcastle in 2020, the company has seen its annual recurring revenue increase five-fold over the past year and now counts over 130 corporate customers among its users.
From the founder
"Remote working means developers are no longer limited to one location. Haystack offers a ‘safe space’ where our community can research the different opportunities without being bombarded by calls from recruiters. Feedback from our multinational clients shows there is an opportunity to offer the same service in other countries. This new investment will enable us to target the US initially with a view to moving into Europe at a later stage."
Chris Bone
CEO at Haystack
Investor perspective
"The Haystack team have created a genuine alternative to recruitment agencies – one that offers a better experience for job seekers and allows employers to target a broader range of candidates while reducing costs. The funding will help the company to embark on international expansion and take the business to the next level."
Ian Wilson
Fund Principal, Mercia
Use of funds
- 01Continue product development
- 02Expand into international markets
