A big headcount increase is planned for 2022
Arctic Shores, the psychometric assessment company, have announced that it has received £1.5m in venture debt funding from Silicon Valley Bank (SVB).
The raise is said to be used to support Arctic Shores’ aim of ‘changing the way the world sees potential’ in a time where 91% of employers are struggling to find talent amid the skills shortage. The investment will position Arctic Shores to enable employers see more in people that previous experience, with a platform that ‘is built to look beyond past experience, and uncover true potential at work.’
The funding will allow further growth and Arctic Shores is said to be increasing their headcount by a further 20 staff throughout the year.
Arctic Shores joins Wise, HelloFresh and GoCardless as the latest high-growth, tech-enabled organisations supported by SVB.
Robert Newry, CEO of Arctic Shores, commented: “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 But unless we free ourselves from irrelevant and outdated experience, we’ll never unleash the vast potential of the untapped many, who have the quality but lack the experience.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, also made comment: “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.”