Horsefly, an artificial intelligence-based talent analytics platform, has secured a significant investment from leading private equity partner LDC as it targets international growth. The transaction marks a successful exit and strong return for The North West Fund for Venture Capital, managed by Mercia.
Based in Merseyside, with a presence in the US, Horsefly enables HR-decision making at international organisations including Coca Cola, EDF Energy, Manpower, Indeed, Jaguar Land Rover, The UK Home Office and Virgin Media. Its subscription-based Software as a Service (SaaS) platform gathers and aggregates granular, real-time data on labour markets from 60 countries, creating insight into business-critical issues such as global talent sourcing, onboarding, diversity and inclusion, rewards and benefit benchmarking, and workforce development and planning.
With The North West Fund's support the business has achieved year-on-year growth since 2018 and doubled its revenues in the last financial year.
LDC is backing Founder and CEO, Will Crandle, to continue to grow the business organically, both in the UK and internationally, in a way that reinforces Horsefly’s people-focused culture. LDC’s investment was led by Jacob Leone and Camilla Greenwood from LDC’s Manchester office. Jacob and Camilla will both join the board alongside incoming Chair David Gilbertson who is an experienced non-executive director in the business intelligence sector.
Will Crandle, Founder and CEO of Horsefly, said: “We are really proud of our growth in the last few years, and I’d like to thank Keith Jones, our co-founder and seed investor, and Mercia not only for funding our early years but also for appointing my most crucial mentor as Chair, Rod Hyde, who helped our brilliant team establish Horsefly as a leading talent analytics platform.
“LDC’s experience in helping software businesses to successfully expand across the US is second-to-none, but I was also looking for a genuine partner and I’ve found that in LDC. I’m excited about working with Jacob, Camilla and the team to deliver on our ambitious growth plans.”
Jacob Leone, Investment Manager at LDC, said: “Horsefly’s market-leading platform provides its clients with actionable insight to help them shape their workforce in an ever-changing global economy. The drive, passion and ambition of Will and his team is infectious – we can’t wait to help them continue their growth.”
Mercia invested in the business using funds from the North West Fund for Venture Capital. Will Clark of Mercia, who made the original investment in 2013, said: “This deal marks the culmination of a ten-year partnership between Horsefly and Mercia. In recent years the business has been expanding rapidly and made significant inroads into the US market. Moving forward, LDC’s support will enable Will and the team to further strengthen its footprint in the US and take the business to the next level.”
(pictured: Will Clarke and Will Crandle)