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  • HR tech pioneer Arctic Shores is targeting further growth in 2022, supported by £1.5m in venture debt funding from Silicon Valley Bank.
  • The raise follows rapid new customer acquisition in 2021, including leading employers like Vitality, Xerox, and TalkTalk.

London, UK, [13/01/2022]: Arctic Shores, the psychometric assessment pioneers, have received £1.5m in venture debt funding from Silicon Valley Bank (SVB). The funding follows another exciting year for the company, where revenues grew by more than 50%.

The raise will support Arctic Shores’ aim of changing the way the world sees potential – just as 91% of employers struggle to fill roles amid a global skills shortage. Arctic Shores is now uniquely placed to help employers see more in people, with a platform that’s built to look beyond past experience, and uncover true potential at work.

To further promote that message, and continue growing its customer base by 50% next year, Arctic Shores will increase headcount by a further 20 people through 2022.

Arctic Shores joins Wise, HelloFresh and GoCardless as the latest high-growth, tech-enabled organisations supported by SVB. Commenting on the new funding, Robert Newry, CEO of Arctic Shores, said:
“The global skills shortage shows that it’s never been more vital to hire for potential. But, for employers, that requires one big step – scrapping the CV. It might feel like a tough ask. But unless we free ourselves from irrelevant and outdated experience, we’ll never unleash the vast potential of the untapped many, who have the quality but lack the experience. That’s why, with SVB’s support, we’re excited to show the world that it’s not only possible to see more in people, but, with our Talent Discovery Platform, simple and affordable too.”

Ben Tickler, Director of Venture & Growth at Silicon Valley Bank UK Branch, added:
“Arctic Shores is an exciting Manchester-based innovation company, and it has been great to be able to support them on their impressive journey of rapid growth. We look forward to a continued partnership with the team as they look to scale further.”

SVB’s venture debt funding follows Arctic Shores’ September 2019 Series A, which was led by Beringea and Candy Ventures.

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About Arctic Shores:
Arctic Shores’ behaviour-based assessments give every individual the opportunity to show their potential, and every employer the means to see it.

Today, our assessments help the world’s most progressive businesses see beyond the CV – beyond the ordinary measures of human potential. This way, they can counter natural bias, and build the diverse, successful, extraordinary teams they need most.

With the next frontier in assessment technology, we’ve given over two million candidates around the world something different: a stress-free, unbiased experience, that truly rewards them for their time. All through a community of pioneering customers, which includes the likes of BBC, PwC, Siemens and Capita.

First launched in 2014, we’re now fuelled by over 70 dedicated Explorers based in our Manchester and London hubs. We’ve grown 400% in the past four years, and have featured this year on BBC Click, The Times, and The Guardian.

About Silicon Valley Bank:
Silicon Valley Bank (SVB) helps innovative businesses and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centres around the world. With commercial and international banking services, SVB helps address the unique needs of innovators to increase their probability of success by fuelling innovation for a better world. Learn more at svb.com/uk.

Silicon Valley Bank is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the California Department of Financial Protection and Innovation (DFPI) and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. © 2021 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under licence.

Source: RealWire

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