£1.8m raised for Edinburgh firm
Maven backs software company Curo
Maven is providing £1.2 million of development capital alongside further investment from Curo’s existing investors Downing and Scottish Investment Bank.
Curo has developed CuroComp which enables customers to manage their pay review cycle in accordance with agreed, and often complex, compensation plans.
The software is used to manage compensation reviews for more than 180,000 employees, in 130 currencies, across 140 countries.
The company management team is led by CEO Gerry O’Neill (pictured), who co-founded Vebnet, a SaaS-based employee benefits solution, which was sold to Standard Life in 2008.
Curo aims to exploit the shift from in-house, spreadsheet-based solutions to third-party software vendors which is expected to accelerate.
Maven’s investment will enable the company to increase its sales and marketing resource, with a focus on expanding its US operations and adding additional channel partners to complement Curo’s direct sales effort.
Curo will launch additional products during 2018 starting with a reporting system aimed at meeting new legislation around Gender Pay Gap and minority pay reporting in various territories including the UK.
David Milroy, investment director at Maven, said: “Curo has achieved consistent revenue growth and now is an opportune time for Maven’s clients to invest following the recent launch of CuroComp V4, and with the imminent launch of new products, most notably Curo’s Gender Pay Gap reporting system.
“Maven also actively looks to support second-time entrepreneurs and we have been impressed by the team that Gerry has assembled.”
Gerry O’Neill, CEO of Curo added: “Curo has been working with many leading organisations over the past few years including EY, London Stock Exchange, BUPA and others.
“I am delighted that Maven has chosen to invest in Curo. This investment round will provide us the capital to scale our sales and marketing resource as well as accelerate new product development including both a Gender Pay Gap Reporting solution and a product targeted at smaller employers with simpler compensation needs.
“These are new market opportunities for Curo which we are very excited about.”
Legal advice was providedby Burness Paull, financial due diligence by Mazars, management referencing by Argyll Fenton, insurance by Lockton and VCT compliance by Neil Pearson.