Sonovate gets £20m for recruitment financing service

UK-based recruitment contract finance provider Sonovate has raised a total of £20m in debt and equity.

The company got £5m in a Series A round backed by Dawn Capital and DN Capital with further £15m secured in debt funding.

Sonovate was founded by Richard Prime and Damon Chapple, former senior executives at recruitment agency SThree.

The pair started the business in March 2011, according to LinkedIn data, and aim to use the new funds to expand in new markets including mainland Europe and North America.

Sonovate’s platform, as Prime has stated, provides the automation and technology solutions that recruitment agencies are “crying out for”.

Commenting on the financing round, Josh Bell, partner at Dawn Capital, said, “Recruitment agencies in the UK and across the globe face many unnecessary obstacles when it comes to securing working capital – and Sonovate is the global leader for companies using technology to make working capital available in a seamless, automated way.”

Bell, whoc will join the Sonovate board as part of the transaction, added, “The UK is a world-leader in fintech and we firmly believe that Europe will continue to produce strong global competitors in the technology field”.

Copyright © 2016 FINTECH GLOBAL

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