Glasgow-based tech startup Willo Technologies has announced the raising of a £250,000 seed round from Guernsey-based VC 1818 Venture Capital and board members.
The video interviewing software company says the funding will allow it to grow further internationally, begin a recruitment drive for 24 members of staff and advance product development.
The company has grown at least 80% each month since April, a tall order for businesses having to weather the effects of lockdown during the coronavirus pandemic.
CEO and founder Euan Cameron commented: “We witnessed a huge amount of growth as businesses across the globe were forced to address the fact that face-to-face interviews and consultations were no longer possible, and the resources required to conduct everything over Zoom or Skype were prohibitive.
“As well as finding a solution to interact with potential recruits, businesses had to act quickly to find efficient and effective ways to communicate with employees and their customers remotely.
“This demand shows no sign of slowing down as we adapt to a new normal, and it’s part of the reason we have been able to secure investment to develop the platform and take our business to the next level.
“We’re incredibly proud of what we’ve achieved so far, and it has been extremely rewarding to see how much appetite there has been for our service.
“With 1818 Venture Capital’s investment and expertise, we are very excited about the future.”
The Willo platform is already used in more than 60 countries across the globe. Prior to the pandemic, 95% of the business was recruitment but Willo has diversified considerably since lockdown began.
Since March, 60% of new business has emerged in a host of other areas, including reviews, training, learning and development, showing the versatility of the platform.
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Marc Cohen, 1818 Venture capital CIO, said: “As the pandemic hit, we moved quickly to identify companies which helped people and businesses thrive in the fast-changing environment. During this time, we began using Willo’s product and were compelled by its simplicity and quality.
“While Willo’s growth has accelerated because of the pandemic, given the strength and vision of its management team, we truly believe the company has huge potential.
“Regardless of whether the trend towards homeworking continues, the need to communicate efficiently and effectively with people remotely will always be a priority for businesses around the world.”
Founded in 2018, the firm’s high-tech SaaS platform enables businesses to communicate with people on video at scale at faster speeds than Zoom or Skype calls.
Earlier this year, Willo secured £20,000 in funding from Scottish Enterprise. In addition to more than £200,000 of VC investment, board members Steve Perry, Stefan Ciecierski and Peter Preston also contributed further funds to prepare the company for further growth.