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16 Nov 2022

MCF advised HR tech company Adway on its EUR 10m Series A funding from Octopus Ventures and existing investors

HR tech company Adway has received a EUR 10m Series A funding from Octopus Ventures together with existing investors Spintop Ventures and Brightly Ventures.

The Series A investment allows Adway to strengthen its organisation and accelerate international expansion plans. Adway’s AI-powered talent acquisition software enables employers to streamline their candidate inflow and find highly sought-after passive job candidates via social media, increasing talent pools, eliminating human bias and promoting employee diversity.

MCF acted as adviser to Adway, continuing its successful track-record of supporting Adway in its growth investments by contributing its experience within enterprise SaaS and HR technology. The Series A funding round also marks yet another example of MCF’s long-term approach to securing value creating financing solutions for rapidly growing businesses.

"We are delighted to have Octopus as our new partner. With their extensive experience in enterprise digitalisation and automation, they are the perfect partner to support us in our international expansion and mission to transform the way people recruit through technology. MCF has been a valued strategic partner from the beginning, contributing to our long-term partnership with their sector expertise and deep understanding of our business, excellent execution and international reach."

Adrian McDonald

CEO of Adway

The Deal

The Series A investment will allow Adway to scale its innovative product suite for automated social recruitment marketing and accelerate its international expansion plans. Together with UK-based Octopus Ventures and existing investors Brightly Ventures and Spintop Ventures, Adway sees a long-term opportunity to transform the recruitment industry globally by unleashing data.

The Company

Adway is an HR tech company that has developed AI-powered automated social recruitment marketing software that helps large enterprises to identify desirable passive candidates on social media and encourage them to apply for jobs they would not otherwise consider. This data-driven approach to talent acquisition and recruitment increased employer brand visibility, attracts more people and increases the size and diversity of talent pools through the power of social media, machine learning and automation. Adway counts some of Sweden’s largest employers among its clients, including Circle K, Apoteket and PEAB.

About Octopus Ventures

Octopus Ventures is a UK based venture capital investor specialised in investments in health, fintech, deep tech, consumer and B2B software. Since 2008, Octopus Ventures has backed over 130 teams including Zoopla Property Group, Secret Escapes, Depop and Cazoo.

With assets under management of £2 billion and annual investments of over £200 million, Octopus Ventures is one of the largest and most active venture capitalists in Europe.