Arctic Shores Secures £5.75 Million in Funding Round
Arctic Shores, a prominent psychometric assessment provider based in Manchester, UK, has successfully secured £5.75 million in Series B funding. This significant investment round was led by Praetura Ventures, with valuable participation from their existing shareholder, Beringea. Among the notable figures joining the board as a result of this funding are Helen Verwoert, an operational partner at Praetura Ventures who previously served as the chief people officer at Dr. Martens, and Alexander Crawford, who is Co-Head of Investments at Calculus Capital. Their combined expertise is expected to bring substantial value to Arctic Shores as they continue to innovate and expand.
The company, which was founded in 2014 by Robert Newry and Safe Hammad, has built a unique platform that utilizes psychometric assessments through engaging behavioral tasks.
By capturing and analyzing over 10,000 data points, Arctic Shores' application is able to assess candidates' personality traits and determine their potential suitability for various roles within an organization. This innovative approach to recruitment has led to partnerships with several high-profile companies, including Vitality, Thales, TalkTalk, Arcadis, PwC, and Siemens, all of which seek a more nuanced understanding of candidate capabilities.
The new funding will facilitate Arctic Shores in further developing their soft-skills assessment capabilities and accelerate their international expansion efforts, particularly within Europe. Following their growth in Germany, where they secured major contracts with industry giants like Airbus, Siemens, and Schneider Electric, this investment will enhance their market presence and operational capabilities across the continent. Additionally, they aim to promote the adoption of their newly developed self-configure platform and to introduce an exciting update to the assessment of workplace intelligence, thereby solidifying their position as a leader in the psychometric assessment space.
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