Overfunding: Application Tracking System For SMEs STRYVE Raises More Than £380,000 Through Equity Crowdfunding Campaign on Crowdcube

STRYVE, a UK-based applicant tracking system (ATS) for small businesses provider, has successfully raised more than £380,000 through its equity crowdfunding campaign on Crowdcube. The funding round launched last month, originally seeking £280,000 in funding, and has attracted 225 Crowdcube investors.

Founded in 2020, STRYVE’s mission is to become the no.1 Applicant Tracking System (ATS) for SMEs.

“Whilst 98% of Fortune500 companies use ATS, most SMEs do not, due to the cost and complexity of existing solutions. Designed with growing businesses and entrepreneurs in mind, STRYVE is revolutionising hiring so that every business can land the best talent. Incredibly capable, affordable and stunningly simple, STRYVE is a new era for hiring.”

STRYVE further revealed that currently, 98% of the Fortune 500 use ATS platforms to track, communicate and maintain their hiring process, yet most SMEs do not. According to the company’s survey with 200 SMEs on hiring:

• (only) 25% are compliant with GDPR, but 80% are aware of the financial penalties
• 44% describe time as their no.1 issue
• The majority indicated they would pay up to £1,200 p.a. for an ATS, our research shows the market average cost is closer to £5,000

STRYVE then noted that its platform is designed to be small-business friendly and focus on serving start-ups and SMEs from 1-1000 employees:

• STRYVE will be fully compliant with GDPR & employment law
• We understand that time-saving is essential so have designed STRYVE to be simple & easy to set up
• Our pricing model will be subscription-based without any upfront cost. We charge per user & job no matter the size of the company

In regards to what the Crowdcube round’s funds will be used for, STRYVE added:

“We’ve done extensive market research, and now we’re raising funds to hire product managers & programmers with the aim to launch our first MVP during Q1 2021 and begin sales in Q2. Help us build a future where every business can land the best talent!”

STRYVE is now offering 16.05% in equity at a £2 million pre-money valuation through the campaign, which is set to close at the end of February.