An Exeter company that has developed an AI-powered platform to help businesses hire more diversely has secured a £1m equity investment.
RoleMapper has received the cash from the British Business Bank’s South West Investment Fund (SWIF), via appointed fund manager the FSE Group.
The investment is part of a £2.1m funding round that RoleMapper says will support job creation and overall growth of the business. The funding round includes investment from Mercia Ventures, South West-based venture capital firm QantX, and existing private investors.
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Sara Hill, RoleMapper founder and chief executive, said: “We are thrilled to have the South West Investment Fund and FSE on board as new partners, enabling us to further strengthen our product, unique AI models and build capacity for further roll-out.
"We look forward to working with all our investors as we continue our growth journey and build on the progress we’ve made helping organisations create better jobs and build inclusive workplaces.”
The business is already working with a number of large organisations including well-known global brands, local authorities and NHS trusts.
Ralph Singleton, head of equity South West at the FSE Group, added: “RoleMapper has a strong leadership team with experience building and scaling businesses in the B2B and HR space. They have recently pivoted their offering to address an identified market need and their AI-powered tech is helping major corporates and public sector organisations manage their responsibilities as equal opportunity employers. We look forward to working with them as they expand.”
Mercia Ventures first backed RoleMapper in 2022. Rafael Joseph of Mercia added: “We’re pleased to continue to back the team at RoleMapper. They have shown great tenacity against a tough economic backdrop and successfully reshaped their strategy to solve the immediate issues facing clients."
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The British Business Banks' £200m South West Investment Fund covers the entire South West region and provides loans from £25k to £2m, and equity investment up to £5m, to help a range of small-and-medium-sized businesses to start up or scale up.
The RoleMapper deal is the fund’s largest investment to date since its launch in July last year.
Jody Tableporter, director, nations and regions investment funds at the British Business Bank, said: “We’re delighted the South West Investment Fund is supporting [RoleMapper's] further growth, with what is the fund’s largest deal to date.”