Newcastle’s RecruitmentForce to hit £1 million milestone with support from Square One Law
Newcastle-based online recruitment software specialist is on target to turnover close to £1 million by the end of the year.
RecruitmentForce, founded in 2010 by Eldon Jobe, has grown dramatically over the past year; staff numbers have risen from just two directors in one office, to 19 staff across two offices.
The company is headquartered in Newcastle, and has since expanded to London.
The rate of growth has been helped along by the investment the company has received over the last four years. RecruitmentForce has received over £1 million of funding, with £845k of that coming from regional venture capital firm Northstar Ventures’ Finance for Business North East (FBNE) Funds.
Eldon Jobe said: “I am delighted to say that we are on track to see our turnover reach £1 million, which is largely down to the fact that this financial year is our first full year with a sales team.
“The team has helped us to get our user-rate up to almost 2,000 and we expect to have almost 5,000 more by the end of next year.
“Due to the forecasted rise in demand, we will be embarking on a recruitment drive and expect our headcount to reach 50 within the next 18 months, 30 of whom will be based in Newcastle.
“We could not have got where we are today without the support of Northstar Ventures, nor without our legal partner – Square One Law, in particular.“
Rebecca Roberts, investment manager at Northstar Ventures, said: “It has been a pleasure working alongside Eldon and his team and I am very excited for the expansion plans the company has.
“We have supported RecruitmentForce since 2010 where it first received investment from our Proof of Concept Fund, and we have continued to invest in it as it has grown and we realised its potential, and it has since received £675,000 from our Accelerator Fund.“
Senior associate in Square One Law’s corporate team, John Hammill, said: “RecruitmentForce is an excellent example of the impact FBNE investments can have.
“Northstar’s funding has been well spent by Eldon and his growing team and I look forward to working with them as the business continues to expand”