Merseyside AI firm secures new investment

A Liverpool city region business whose artificial intelligence platform helps blue chip companies identify new talent secures fresh investment. Tony McDonough reports

Will Crandle
Will Crandle, founder and chief executive of Horsefly


Artificial intelligence (AI) business Horsefly has secured “significant investment” from a private equity investor.

Based in Prescot, Horesfly has developed an AI platform that supports HR decision-making and helps customers identify new talent in the job market. Clients include Coca Cola, EDF Energy, Manpower, Jaguar Land Rover, the Home Office and Virgin Media.

The subscription-based platform gathers and aggregates granular, real-time data on labour markets from 60 countries.

It creates insight into business-critical issues such as global talent sourcing, onboarding, diversity and inclusion, rewards and benefit benchmarking, and workforce development and planning.

Previously it had secured investment from Enterprise Ventures, which was later taken over by Mercia. Now LDC is to make an undisclosed investment into the business.

This deal means Mercia will exit with a “strong return”. Horsefly has achieved year-on-year growth since 2018 and doubled its revenues in the last financial year.

Founder and chief executive Will Crandle, is looking to accelerate growth both in the UK and internationally. He said: “We are really proud of our growth in the last few years.

“I’d like to thank Keith Jones, our co-founder and seed investor, and Mercia not only for funding our early years but also for appointing my most crucial mentor as chair, Rod Hyde.

“He helped our brilliant team establish Horsefly as a leading talent analytics platform.

LDC’s investment was led by Jacob Leone and Camilla Greenwood. Jacob and Camilla will both join the board alongside incoming chair David Gilbertson. He is an experienced non-executive director in the business intelligence sector.

Jacob Leone added: “Horsefly’s market-leading platform provides its clients with actionable insight to help them shape their workforce in an ever-changing global economy. 

READ MORE: £4.1m tech accelerator sets up in Baltic Triangle

READ MORE: £25m Liverpool ‘green power grid’ is switched on

“The drive, passion and ambition of Will and his team is infectious – we can’t wait to help them continue their growth.”

Mercia invested in the business using funds from the North West Fund for Venture Capital. Will Clark of Mercia, who made the original investment in 2013, said: “This deal marks the culmination of a 10-year partnership between Horsefly and Mercia.”

Mercia was advised by Grant Thornton (corporate finance) and Slater Heelis (legal). Brabners provided legal advice to the North West Fund for Venture Capital.

LDC was advised by PwC (financial and tax due diligence), Squire Patton Boggs (legal) and Teneo (commercial due diligence).

You might also like More from author

Leave A Reply

Your email address will not be published.

Username field is empty.