19/06/2007

Innovantage 'recruits' Finance Wales for investment

Sourcing online job adverts with next generation search technologies to provide lead generation for recruitment agencies and job boards is providing rapid growth opportunities for a Cardiff based software company, with support from Finance Wales.


Innovantage is positioning itself as one of the key players within the UK recruitment intelligence market after developing Insight, a sophisticated web technology that harvests job advertisements from more than 400,000 direct employer company websites. Insight provides job vacancies in a structured format to recruitment agencies and job boards to accelerate lead generation, business development and market research.

Launched in mid 2006, Innovantage has already taken Insight to market and is planning to develop the product further with funding provided through a co-investment between Finance Wales and HSBC. The overall package includes a six figure equity and debt investment from Finance Wales.

“This is an exciting time for Innovantage,” said Matthew Dewstowe, Managing Director. “This first round of funding allows us to continue with the product development the market demands. We are aiming to be the de-facto provider of recruitment intelligence in the UK.”

Insight was developed in-house by Innovantage at its headquarters in Cathedral Road, Cardiff, with technology partners Ontotext. The company is looking to develop the product in line with market demands as well as bringing new data intelligence products to market for other sectors.

Karen Davies, Investment Executive at Finance Wales, said: “Innovantage required a tailored solution to its funding requirements to enable it to develop its product base further. Working with Finance Wales and HSBC, Innovantage now has a co-investment package that can accelerate its high growth potential and support its long-term plans.”