Clear Review raises £2.6m in Series A round
AlbionVC has led a £2.6m Series A investment round in Clear Review, the UK HR technology scale-up. AlbionVC invested £1.85m with existing shareholders Mercia Technologies and angel investors also supporting the round.
Clear Review is a cloud-based performance management platform that promotes frequent employee feedback and continuous employee-manager conversations. It has experienced rapid growth since launching in 2016, increasing revenue and headcount by 100% and attracting more than 200 customers with its simple, yet engaging user interface. Customers include household names such as CYBG/Virgin Money, Ricoh, HarperCollins, Kennedys and The Valuation Office Agency (VOA). The funds raised will be used to accelerate product development, build out a US presence, and consolidate Clear Review’s position as the UK leader in a new breed of performance management technology. The company has already seen a steady increase in uptake from the US market, which now represents 20% of annual revenue, and will use the investment to scale up its operations there.
Emil Gigov, Partner, AlbionVC, says: “Clear Review fits well with our strategy of investing into fast growing B2B Saas companies at Series A rounds. The company has a category leading product, excellent customer advocacy and is experiencing rapid growth with clear go-to-market metrics. Stuart and the team at Clear Review have a vision to improve the working lives for millions of employees by enabling a more flexible, development focused performance management process and we are delighted to be able to support them in this.”
Stuart Hearn, founder and CEO, Clear Review, says: “We are excited to have the backing of AlbionVC and access to its team’s longstanding experience of guiding tech businesses like ours to scale. With investments in over 40 technology businesses, AlbionVC has one of the largest portfolios of B2B SaaS companies and we look forward to being part of this community, where founders actively share their ideas and experience. While we had significant interest from other potential funders, we felt that AlbionVC’s open and collaborative approach was a close fit with Clear Review’s culture.”