Willo raises £250,000 in seed funding round
Willo, a Glasgow-based tech start-up that allows users to easily interview people on video at scale, has raised a £250,000 seed round from Guernsey-based 1818 Venture Capital and board members.
The funding will allow the firm, which has grown at least 80% each month since April, to grow the company further internationally, begin a recruitment drive for 24 members of staff and advance product development.
The Willo platform is already used in more than 60 countries across the globe. Prior to the pandemic, 95% of the business was recruitment but Willo has diversified considerably since lockdown began. Since March, 60% of new business has emerged in a host of other areas, including reviews, training, learning and development, showing the versatility of the platform.
Earlier this year, Willo secured £20,000 in funding from Scottish Enterprise. In addition to more than £200,000 of VC investment, board members Steve Perry, Stefan Ciecierski and Peter Preston also contributed further funds to prepare the company for further growth.
Euan Cameron, CEO and founder, said: “We witnessed a huge amount of growth as businesses across the globe were forced to address the fact that face-to-face interviews and consultations were no longer possible, and the resource required to conduct everything over Zoom or Skype was prohibitive.
“As well as finding a solution to interact with potential recruits, businesses had to act quickly to find efficient and effective ways to communicate with employees and their customers remotely. This demand shows no sign of slowing down as we adapt to a new normal, and it’s part of the reason we have been able to secure investment to develop the platform and take our business to the next level.
“We’re incredibly proud of what we’ve achieved so far and it has been extremely rewarding to see how much appetite there has been for our service. With 1818 Venture Capital’s investment and expertise, we are very excited about the future.”
Marc Cohen, CIO, 1818 Venture Capital, added: “As the pandemic hit, we moved quickly to identify companies which helped people and businesses thrive in the fast-changing environment. During this time, we began using Willo’s product and were compelled by its simplicity and quality.
“While Willo’s growth has accelerated because of the pandemic, given the strength and vision of its management team, we truly believe the company has huge potential. Regardless of whether the trend towards homeworking continues, the need to communicate efficiently and effectively with people remotely will always be a priority for businesses around the world.”