Maven and Seneca Partners have backed Bright Network in a £3.5m Series A round to support technology development and commercial expansion.
"We are pleased to lead the fundraising and further cement our relationship with this dynamic, mission-led business. We believe that it is vital not only to support growth businesses in the short term, during the current uncertain economic climate, but also to set them up for long-term growth and expansion. Bright Network is led by a highly driven team, which has produced impressive results to date and we look forward to working with them as the business continues its growth. The team has built an innovative platform in the fast-growing graduate recruitment marketplace and already has strong relationships with a number of leading global employers."
Maven Capital Partners led the seed round to support international growth and product development.
"Precursive has built a strong market position, and its state-of-the-art platform provides clients with an all-in-one onboarding and resourcing solution that streamlines operations across the board. Now more than ever, businesses are thinking about how they can improve profitability by becoming more efficient, and tech-driven companies such as Precursive are leading the way in changing the way companies work. The management team impressed us from the outset, as did their ambitious plan to grow and develop the business."
The funding round was led by Maven Capital Partners and will support the expansion of the company digital workplace platform.
"Oak is an amazing product with tremendous potential. It enables organisations to engage their employees including deskless workers and provides a range of internal communications tools that integrate seamlessly with office applications. We are thankful for the great funding partners we have in Maven, NorthStar Ventures and Finance Durham and look forward to working with them as Oak scales"
Maven Capital Partners led the follow-on investment to support management expansion and revenue targets.
"A few years ago, we decided to accelerate our scaleup journey by seeking an investor partner who shared our ambition of building a world-class technology consultancy in the North East."
Maven Capital led the seed follow-on round to support scaling operations and product development following major client acquisitions.
"Labour-as-a-Service is growing fast in recognition as a term, and as the market leader in regulated industries we are well-placed to strengthen our position. We’ve recently seen Uber moving into this market with Uber Works, demonstrating the model’s strategic importance. In fact, The Economist predicts that by 2029 all workers will be listed on at least one labour platform – this presenting Broadstone with a huge market opportunity."
