- HR tech pioneer Arctic Shores is targeting further growth in 2022, supported by £1.5m in venture debt funding from Silicon Valley Bank.
- The raise follows rapid new customer acquisition in 2021, including leading employers like Vitality, Xerox, and TalkTalk.
Arctic Shores, the psychometric assessment pioneers, have received £1.5m in venture debt funding from Silicon Valley Bank (SVB). The funding follows another exciting year for the company, where revenues grew by more than 50%.
The raise will support Arctic Shores’ aim of changing the way the world sees potential – just as 91% of employers struggle to fill roles amid a global skills shortage. Arctic Shores is now uniquely placed to help employers see more in people, with a platform that’s 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.
Arctic Shores joins Wise, HelloFresh and GoCardless as the latest high-growth, tech-enabled organisations supported by SVB. Commenting on the new funding, Robert Newry, CEO of Arctic Shores, said:
“The global skills shortage shows that it’s never been more vital to hire for potential. But, for employers, that requires one big step – scrapping the CV. It might feel like a tough ask. But unless we free ourselves from irrelevant and outdated experience, we’ll never unleash the vast potential of the untapped many, who have the quality but lack the experience. That’s why, with SVB’s support, we’re excited to show the world that it’s not only possible to see more in people, but, with our Talent Discovery Platform, simple and affordable too.”
Ben Tickler, Director of Venture & Growth at Silicon Valley Bank UK Branch, added:
“Arctic 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.”
SVB’s venture debt funding follows Arctic Shores’ September 2019 Series A, which was led by Beringea and Candy Ventures.