Arctic Shores takes aim at global skills shortage after latest Silicon Valley Bank funding.
Silicon Valley Funding
Arctic Shores, the psychometric assessment pioneers, have received 拢1.5m in venture debt funding from聽Silicon Valley Bank聽(SVB). The funding follows another exciting year for the company, where revenues grew by more than 50%.
The raise will support Arctic Shores鈥� aim of聽changing the way the world sees potential聽鈥� just as聽91% of employers聽struggle to fill roles amid a global skills shortage. Arctic Shores is now uniquely placed to help employers see聽more聽in people, with a platform that鈥檚 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.
Global Skills Shortage
Arctic Shores joins Wise, HelloFresh and GoCardless as the latest high-growth, tech-enabled organisations supported by SVB. Commenting on the new funding,聽Robert Newry, CEO of Arctic Shores, said:
鈥淭he global skills shortage shows that it鈥檚 never been more vital to hire for聽potential. But, for employers, that requires one big step 鈥� scrapping the CV. It might feel like a tough ask. But unless we free ourselves from irrelevant and outdated experience, we鈥檒l never unleash the vast potential of the untapped many, who have the quality but lack the experience. That鈥檚 why, with SVB鈥檚 support, we鈥檙e excited to show the world that it鈥檚 not only聽possible聽to see more in people, but, with our Talent Discovery Platform, simple and affordable too.鈥�
Ben Tickler, Director of Venture & Growth at Silicon Valley Bank UK Branch, added:
鈥淎rctic 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.鈥�
SVB鈥檚 venture debt funding follows Arctic Shores鈥� September 2019 Series A, which was led by聽Beringea聽and聽Candy Ventures.
