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21 Jun 2021

MCF advises HR tech leader Adway in securing growth funding

Fast growing HR tech company Adway has raised growth funding from Spintop Ventures and Brightly Ventures to accelerate its product development and international expansion plans. Adway’s AI-powered talent acquisition software allows employers to find highly sought-after passive job candidates via social media, increasing talent pools, removing human bias and boosting employee diversity. MCF acted as Adway’s financial advisor, bringing its experience within enterprise SaaS and HR technology, as well as its international network with American partner D.A. Davidson. The growth funding also marks yet another example of MCF’s long term approach to securing value creating financing solutions for rapidly growing businesses.

“This funding round is a significant step in our journey of reshaping talent acquisition with AI and automation. In Spintop Ventures and Brightly Ventures, we have found partners that share our vision of easier, cost efficient and less biased recruitment. MCF has been a trusted partner to us throughout this process, using their expertise in SaaS and HR technology to help navigate through the fundraising process. The entire team have done a fantastic job in securing a great result for all involved”

Richard Sörensson

Co-founder and Head of Innovation at Adway

The Deal

With the growth investment and Adway’s innovative product suite in place, the company now plans replicate its success internationally, particularly the UK.  Adway, Brightly Ventures and Spintop Ventures all see the long-term opportunity to reshape the recruitment industry globally by unleashing data.

The Company

Founded in 2018, Adway has created AI-powered software and Social Talent Pools which help large enterprises identify highly sought-after passive job candidates on social media and entice them to apply for positions they would not otherwise consider. This data driven approach to recruitment removes human bias, allows employers to control the candidate journey and unlocks access to broad talent pools on the newest battleground for top talent- social media platform. The Company counts among its customers some of Sweden’s largest employers, including Circle K, SEB and PEAB.

Client Statement

Richard Sörensson, Co-founder and Head of Innovation at Adway, said: “This funding round is a significant step in our journey of reshaping talent acquisition with AI and automation. In Spintop Ventures and Brightly Ventures, we have found partners that share our vision of easier, cost efficient and less biased recruitment. MCF has been a trusted partner to us throughout this process, using their expertise in SaaS and HR technology to help navigate through the fundraising process. The entire team have done a fantastic job in securing a great result for all involved”