Reading-based executive search SaaS developer Invenias has raised some $1.5m in a funding round led by MMC Ventures. Also participating in a personal capacity was Eden Ventures founder, Mark Farmer. According to the excellent TechCrunch, Invenias’ founders had previously funded the business themselves to the tune of $750k. Invenias was launched in 2005 and also has hosting centres in the US and Malaysia. No financials were disclosed.
The product is designed for recruitment firms specialising in executive search and ‘strategic’ hires. This seems to differentiate Invenias from more generalist recruitment platforms such as developed by Bond International, which struggled with profitability last year as it moves towards SaaS delivery (see Bond International inches forward).
I would have thought that the key to executive search has more to do with the quality of contacts in the ‘little black book’ and in relationship building. Without that, even the best candidate-matching software is unlikely to be enough to do the deal.
By the way, why ‘Invenias’, I wonder? Sounds like ‘son of Invensys’!