Gateshead-based Venda Search Ltd has secured a strategic investment from NPIF II – NEL Smaller Loans Fund, managed by NEL Fund Managers as part of the Northern Powerhouse Investment Fund II (NPIF II), to support the next stage of its growth journey.
The investment will help the specialist recruitment business accelerate its next stage of growth by expanding into a new market and launching two new client service offerings that have been in development over the last six months.
The funding has also supported significant investment in the company’s technology infrastructure, enhancing its tech stack to improve operational efficiency, strengthen service delivery and create the foundations for long-term recurring revenue streams.
Founded in 2018 and headquartered in Gateshead, Venda Search is a specialist recruitment partner serving the US power market, connecting engineering, project delivery, sales and leadership talent with businesses operating across transmission and distribution, critical power and data centre infrastructure sectors.
The investment follows a record financial year for the business, during which it surpassed a number of growth targets while continuing to expand its teams in both the UK and South Africa.
James Owen, Director at Venda Search, said: “The NEL investment comes at a key point in our growth journey. Alongside establishing a desk focused on a new market, we have spent the last six months developing two new service offerings that will help us build longer-term client relationships and create recurring revenue streams within the business.
“Delivering these plans has required significant investment in upgrading our technology infrastructure. By doing so, we are ensuring our consultants have the tools they need to operate at the highest level, allowing us to continue raising the standard of service we provide to both clients and candidates.
“This year has been about putting the right foundations in place for the future, and this investment helps ensure we are well positioned to continue building on that momentum.”
Commenting on the funding process, James added: “I have known James Katirai for a long time and, following an initial discussion with him and subsequent meetings with Susan Snowdon, we felt that NEL was a much better fit for us than the banks we had spoken to. We were particularly impressed by the personal approach and the level of support provided throughout the process.”
Susan Snowdon, Investment Executive at NEL Fund Managers, said: “Venda Search has built an impressive reputation within its specialist markets and has delivered strong growth through a clear focus on quality, expertise and client service. The management team has demonstrated a strong vision for the future and has already invested significantly in building the foundations required for sustainable expansion.
“This funding will help the business capitalise on new opportunities, strengthen its service offering and support its ambition to build longer-term, recurring relationships with clients. We are delighted to be supporting James and the wider team at this exciting stage in their growth journey and look forward to working with them as they continue to scale.”
Sarah Newbould, Senior Investment Manager at the British Business Bank said: “Venda Search’s investment in new markets, technology and service offerings demonstrates how ambitious businesses can use finance to build the foundations for their next phase of growth. The Northern Powerhouse Investment Fund II is helping more Northern businesses turn ambition into action, creating new opportunities and supporting the sustainable economic growth that’s sits at the core of the Government’s Industrial Strategy.”
Operated by British Business Bank, the £660m Northern Powerhouse Investment Fund II covers the entire North and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for Northern smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
NEL Fund Managers are also managing NPIF II – NEL Debt Finance which offers Debt Finance from £100,000 to £2m to established businesses looking to realise their growth potential.
For more information about NEL, please visit www.nel.co.uk or contact the investment team on 0345 369 7007.
Pictured from left to right: James Walkington, Business Manager – T&D Engineering, Venda Search, Aidan Potts, Director, Venda Search, James Alston, Director, Venda Search, Susan Snowdon, Investment Executive, NEL Fund Managers, James Owen, Director, Venda Search