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Octopus Ventures invests $9M in London-based HR tech assessment tool Sova

At a time when organisations are facing significant talent challenges such as skills shortages, legacy approaches are no longer suitable. Organisations and workplaces face the need to adopt a new talent strategy of talent acquisition.

This is where, London-based Sova Assessment is revolutionising the assessment industry with its business-critical enterprise HR tech solution providing talent intelligence. It breaks the status quo and disrupts the world of assessment.

Global expansion plans

Now, the HR Tech enterprise talent assessment software platform has picked up $9 million in a growth funding round from existing investor Octopus Ventures that invested in Sweden-based Vinter and London-based Ori Biotech. This additional funding signals the investor’s confidence in Sova, which grew rapidly in the past 12 months. Previously, Octopus Ventures invested $4 million growth funding in Sova Assessment back in November 2020.

The company will use the proceeds of this round to accelerate growth via geographical expansion. Also, it will invest in developing and marketing its leading assessment platform and delivering real-time talent intelligence throughout the employee lifecycle.

Alan Bourne, CEO of Sova Assessment Limited, said: “I am delighted to continue our journey with Octopus Ventures which from the outset, shared our vision to help customers digitise and make fairer, more effective decisions about talent.”

Paul Davidson, Principal at Octopus Ventures, said: “With their deep expertise and experience, we have been impressed by how well Alan and his team have helped customers streamline and enhance their talent assessment processes. Sova is leading and transforming the assessment industry, meeting increased global demand for a more integrated, strategic approach to assessing talent that is even more relevant now than it was when we first invested. We first provided growth funding to Sova in November 2020 and due to the rapid growth of the business, we are excited about further supporting Sova.”

Industry-leading assessment tool

Founded by Alan Bourne in 2015, this assessment platform helps customers make better decisions about talent without compromising fairness, efficiency or candidate experience.

While it is headquartered in London, Sova has international offices in Dubai and Melbourne and a global network of strategic partners.

Sova is an end-to-end talent assessment SaaS platform. Its enterprise platform technology answers the challenge organisations are facing around improving accuracy, efficiency and fairness of decision-making at scale.

Sova has over 120 enterprise-level customers and has assessed over 2.5 million candidates across a number of different sectors in over 20 countries. Some of its customers include Vodafone, John Lewis Partnership, TUI Travel, NatWest, National Australia Bank, Northern Trust, Generali, Police Now, Pfizer and Deloitte.

Tailored for the organisation

The fully configurable platform is powered by Sova’s industry-leading assessment tools, workflow management and powerful analytics, all in one fully integrated system. WIth this, organisations can make fast, fair and data-driven decisions at every stage of the employee journey from recruitment, internal talent identification programmes, leadership development and beyond. Its platform provides an unrivalled experience allowing companies to find the right person for every position.

Unlike other recruitment testing software offering static assessments, a Sova solution is built around the organisation’s unique needs and roles. With a flexible range of expert assessment content and formats, organisations can design and build a seamless multi-stage process, all in one place with the complete digital assessment tool offered by Sova.

The HR tech startup offers a solution for every career stage, thereby making it the perfect personalised talent assessment platform. Organisations can choose from an extensive test library of flexible, scientifically robust assessment content, to measure what matters most for the role and your organisation.

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