In a notable development within the realm of business automation and workforce management, TalentMapper, a London-based company, has successfully raised £2 million from Mercia Ventures and Haatch. The firm, which was launched just 18 months ago, provides a platform designed to identify and develop the skills within large organisations, thereby enhancing employee management and career progression.
Since its inception, TalentMapper has made significant strides in attracting high-profile clients including Dunelm, Danone, and Mountain Warehouse, boasting an impressive annual recurring revenue of over £700,000. The recent funding will be instrumental in advancing the platform, enabling the expansion of its team, and sustaining the company’s rapid growth trajectory.
TalentMapper targets businesses with a workforce exceeding 250 employees, offering HR teams valuable insights into the capabilities and potential of their personnel. This functionality aids in reducing recruitment and training costs while ensuring equitable access to career opportunities for all employees. The platform serves as a 'satnav' for career development, offering guidance at each stage and linking users to learning management systems for skill enhancement.
The company claims that client organisations leveraging the TalentMapper platform have recorded a two-fold improvement in gender diversity among new hires and a four-fold boost in ethnic diversity metrics.
Founded by Martin Mason, a seasoned HR professional with previous senior roles at The Body Shop, Wolseley, and Halfords, TalentMapper was born out of Mason's frustrations with managing and upskilling a global workforce through traditional methods such as spreadsheets. Joining him in this initiative is Carl Tucker, the company’s Chief Technology Officer, who brings extensive software design and development expertise. Together, they have integrated AI and machine learning into the platform, currently trained on 675 million career histories.
In an interview, Martin Mason stated, “We wanted to make it easier for companies to manage global talent and ensure they have the right people in the right place at the right time. By putting the emphasis on skills, TalentMapper also helps ensure employees are promoted for their capabilities. I have seen so many talented people overlooked for promotion because they weren’t a replica of their boss."
Stephen Windsor, Investment Director with Mercia Ventures, acknowledged the increasing importance of optimising workforce skills in today’s job market. He remarked, “The need to optimise the skills of the workforce has never been more important. Employee turnover has risen sharply since the pandemic and companies are having to try harder to retain staff. At the same time they are trying to accommodate a new, and more digitally savvy, generation into the workplace while also planning to reskill their workforce to meet the changes that AI will bring."
Windsor described TalentMapper as a pioneering entity within the burgeoning field of SkillTech, positing that its rapid growth is indicative of the significant demand for its services in the market and the value it delivers to employers. The funding will facilitate the continued scaling of the business as it seeks to tap into additional sectors, including financial and professional services.
Legal advice for Mercia Ventures during this funding round was provided by Harry Pearson of Browne Jacobson. The announcement of this investment signifies a notable step forward for TalentMapper as it looks to broaden its impact on business practices in workforce optimisation and skill development amidst an evolving commercial landscape.
Source: Noah Wire Services