Thursday, 3 October 2013

HBAN helps Induction Manager raise €400,000 investment and create nine new jobs

HBAN (Halo Business Angel Network) and Cork based Boole Investment Syndicate, today announce that  Irish company, Induction Manager, has raised €400,000 investment to support its ambitious growth strategy. Induction Manager is also today announcing the immediate creation of nine new jobs.

Business angel investors from Boole Investment Syndicate provided €100,000 of the investment with the remainder raised from Enterprise Ireland and other private investors.

The nine new roles will be in the areas of sales and customer support and will all be based from the company’s Dublin headquarters. Induction Manager also has a presence in London with 90% of its business coming from the UK.

Induction Manager is an online induction platform for large organisations in UK and Ireland. Customers of Induction Manager customise the platform to suit their needs and pre-induct both contractors and employees before they arrive to start work. The induction courses can be taken via computer, tablet or smartphone so new-starters are ready to hit the ground running on their first day.

It was founded in April 2012 by Seán Fennell and Julie Currid, who both have a background in online learning. The gap in the market was identified as organisations described their challenge in inducting large numbers of contractors or employees and experiencing a bottle-neck with traditional methods.

Induction Manager sought investment at this time as, although the company is established and profitable, it recognised the potential to grow faster than it could organically due to the large demand for its offering.

Seán Fennell, one of the co-founders of Induction Manager commented, “We were doing well and had a number of high profile customers on board, particularly in the UK so we knew there was an opportunity for us to grow faster and create more jobs.

Having a number of customers onboard before we approached the investors offered additional credibility to our business. Now that we have secured the investment, we are taking on additional employees and with our strong growth path, I foresee additional positions being created early next year.”

Induction Manager now has more than 30 customers including Adobe, Pfizer, British Gas and Sodexo, who this year used the platform to train thousands of event contractors before they arrived to work at the Royal Ascot Racecourse.

Brian Clune of the Boole Investment Syndicate and one of the business angels who has invested in Induction Manager said, “We meet with four or five companies every month but Induction Manager really stood out. It was providing a solution to a large gap in the market. The company was already operational and had established customers and had made a serious investment in software to streamline processes in their own business. What it needed was the investment and guidance to help it get to the next level of growth and we had a number of investors who were willing to help.

“Most importantly, we were extremely impressed with Seán and Julie themselves. They engaged persuasively with us during their pitch and their belief in their product was evident throughout.”

The Boole Investors have provided a lot of support beyond equity to Induction Manager. Brian Clune has become a non-executive member of the board and the other business angels have provided both business and IT advice as the company continues to develop and improve its offering.

Brian Clune noted, “Investing as part of a syndicate is reassuring as we benefit from a team of people with many different experiences and connections. It is good to get multiple validations of an investment before making it.  We are actively seeking more angel investors to join us, as HBAN is channelling some well qualified investment opportunities to our team.”

Seán Fennell concluded, “The help and advice we received from HBAN and Dublin BIC was invaluable. The team helped us to focus and sharpen our business plan and provided us with a number of opportunities to practice our pitch before we met with the investors. This ensured we were giving them all of the relevant information they needed to hear.”