London HR tech scale-up Clear Review has secured 拢2.6m in investment.
The Series A round was led by AlbionVC with Mercia Technologies also participating.
The raise follows the 拢500,000 initial funding which took place in March 2018 from Mercia Technologies.
Clear Review said its mission is to enable individuals and teams to achieve 鈥渨hat matters most to the organisations and themselves.鈥�
The company鈥檚 cloud-based platform promotes employee feedback and employee-manager conversations.
The latest round of funding will be used to create a Mircosoft Outlook extension, natural language processing, and new APIs and integrations.
Its clients include CYBG/Virgin Money, Ricoh, Kennedys and The Valuation Office Agency (VOA).
The company has now surpassed 拢1.5m annual recurring revenues, and has grown headcount by 5 times over the past 18 months, with interest from the US market which represents 20 per cent of its annual revenue
Founder and CEO Stuart Hearn was formerly HR director of Sony Music International.
鈥淎nnual appraisals are no longer cutting it and companies are looking for clear guidance as to how to move to more effective and engaging models,鈥� said Hearn.
鈥淢arket awareness and adoption of new performance management models is increasing dramatically and we鈥檙e confident the recent funding will allow us to take things to the next level at just the right time.鈥�
Emil Gigov, a partner at investor AlbionVC, explained what attracted the venture capitalist to invest.
鈥淲e were particularly impressed by the overwhelmingly positive customer comments and the high user adoption rates of Clear Review鈥檚 system.
鈥淪tuart and the talented team at Clear Review have an exciting opportunity to continue supporting businesses in transforming their performance management approach. We鈥檙e excited to support Clear Review in their next stage of growth.鈥�