NEWS23 January 2024

Huler raises £1.5m for expansion plans

Financials News UK

UK – Stoke-on-Trent-based employee experience platform Huler has raised £1.5m from the MEIF Proof of Concept & Early Stage Fund and Mercia Ventures.

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The funding will be used to support development of the HulerHub platform and create 10 new roles at the firm.

HulerHub is a software-as-a-service platform that was launched in 2022 and helps HR teams with employee communications and information access.

The MEIF Proof of Concept & Early Stage Fund which provided some of the finance is managed by Mercia Ventures and is part of the Midlands Engine Investment Fund (MEIF).

Huler was founded by Nicky Hoyland and Gareth Mobley, with the latest investment following an earlier funding round from Mercia and MEIF in December 2022, meaning the company has raised a total £3.5m.

The latest investment follows the appointment of Matt Little, founder and chief executive at Blue Ocean Insight, as non-executive director to support Huler’s next stage of growth.

Hoyland said: “With hybrid and remote working now considered normal, employees are increasingly reliant on technology to stay connected and productive, but the adoption of incohesive, clunky technology is contributing to burnout and decreased engagement.

“This investment will help us fuel our revenue growth and further develop the product to bring maximum value to our clients.”

Kiran Mehta, investment manager at Mercia Ventures, said: “The employee engagement sector remains a huge and fast-growing market. Huler’s platform was the most advanced we’d seen at the point of the first investment and the progression since has pushed it even further forward.

“This investment will help it take advantage of the market opportunities and pursue its aim to become a leader in its field.”

Keira Shepperson, investment director, regional funding at the British Business Bank, added: “The MEIF Proof of Concept & Early Stage Fund was introduced to invest into small and medium enterprises with innovative ideas, supporting growth and longer-term investment into the wider Midlands region.

“Huler is a perfect example to showcase the MEIF’s ongoing commitment to innovative companies, creating new jobs through the funding.”