Irwin Mitchell Corporate Advises Venture Capital Firm On Deal
A Manchester-based psychometric assessment provider has secured a $5.5 million Series A investment to accelerate its international growth plans.
Arctic Shores was founded in Manchester by Robert Newry and Safe Hammad, two serial entrepreneurs with substantial experience building technology businesses.
The business has helped more than 140 organisations across 40 different countries to predict better hires from over 500,000 candidates and its global clients include PwC, Airbus, Siemens and Deutsche Telekom.
Transatlantic venture capital investor, Beringea, led the transaction with participation from existing shareholders including Candy Ventures.
Adam Kaucher, Corporate partner at law firm Irwin Mitchell in Manchester advised Beringea on the transaction.
Marc Shirman, Investment Director and Head of the Manchester office of Beringea, says: “Safe, Robert and the exceptional team at Arctic Shores have built an international success story from the heart of Manchester, demonstrating the pressing need for a new approach to recruitment processes that fosters greater diversity and better hires for organisations around the world.
“Beringea has backed the vision and innovation of one of the North of England’s leading technology companies, inspired by a pioneering approach to combining neuroscience, data analytics and game technologies. This investment will play a vital role in bringing this pioneering platform to millions of applicants worldwide.”
Arctic Shores will use the investment to accelerate the expansion of its international offices and launch a software-as-a-service platform to broaden its product offering to support both enterprise clients and SMEs. The round brings total investment into Arctic Shores to $10 million.