The money was raised in just eight days in a scheme which was 100% over-subscribed and spread across 13 high net worth fund managers and entrepreneurs.
The funds will allow ClickIQ to quickly expand to meet the high levels of demand it has already seen from a large corporate client base.
Richard Collins, co-founder said: “We are delighted to have had such a high level of take –up. This will allow us to fund our growth and fulfil our ambition to roll out internationally whilst also developing the platform to the next level.
“Plans include expanding the client account team to match the company’s growth, expanding the media network to include passive candidate targeting and also further development of the AI’s predictive analytics.”
ClickIQ already plugs recruiters into the UK’s largest network of pay-per-click recruitment media.
Its ground-breaking AI-powered technology, automated campaign management and intelligent analytics dashboard optimises job advertising performance.
It places the job ad on the right media, at the right time, at the lowest cost per click, ensuring there is no wasted spend. It is also able to target both active and passive job seekers. Now that network is ready to be expanded.
Beverly Shaw, co-founder, added: “We are already advertising clients’ jobs in multiple countries and will now look to put people on the ground, with a focus on English speaking countries (US, Canada, Australia) and key European markets (Netherlands, France, Germany).”
James Eden, Investment Director, said: “We are hugely encouraged that the investor appetite was so high.
“Investors are attracted to the business proposition because recent changes in the recruitment advertising market place, including a move towards in-house talent teams, has created a demand for something new.
“The UK is now increasingly following the US by moving from pay for duration advertising to a pay per click system – and new tools are needed to manage and automate talent attraction. A need which ClickIQ is designed to fulfil.
“We pushed to complete this round of fundraising as soon as possible so that management can remain focused on growing the business. So, we are delighted to say the process is now closed and has been very successful.”
