ThriveMap, a software tool that measures culture fit between people and teams, has completed a funding round of £281,000 comprised of finance from the Coast to Capital Growth Equity Fund, as well as private angel investment facilitated by the FSE Investor Network. A portion of the investment came from the vehicle glass repair company Belron, after ThriveMap participated in their Drive accelerator programme last year.
The team at ThriveMap has built a truly innovative and intelligent technology," said Nick Burton, head of digital and innovative technology at Belron International. "Having seen the results when deployed within a global company like Belron, we're excited to invest in their business."
The ThriveMap software employs a unique algorithm to go beyond the typical screening for cultural fit, which tends to be subject to interviewers' implicit and unconscious biases. Instead, ThriveMap seeks to objectively measure how teams work within the business and compares this to candidates' preferred working styles.
Studies indicate that 46% of new hires fail within 18 months, yet only 11% of these failures are attributable to people lacking technical ability to perform in the role. Hiring the wrong person can cost companies up to 150% of someone's salary.
"HR talks about 'company culture', but we know that no two teams like to work in exactly the same way," said Chris Platts, CEO of ThriveMap. "If verifying a hiring decision with objective data can help minimise the risk of hiring the wrong person, then it's a huge win for companies who could see their productivity and team harmony slide. This investment round comes at a hugely exciting time for ThriveMap, as we look to scale up our team and focus on driving market awareness."