Arctic Shores Secures £5.75m Investment for Recruitment Innovation
January 16, 2023
Arctic Shores, a Manchester-based provider of skills assessment tests, has recently received a significant investment of £5.75 million in Series B funding. This boost aims to propel the development of its innovative psychometric product, designed to enhance the recruitment process by focusing on candidates' potential rather than solely on their experience.
Founded in 2014, Arctic Shores emerged from the recognition that traditional recruitment methods often fail to identify candidates with the necessary skill sets, leading to increased costs and missed opportunities for businesses. According to Arctic Shores founder Robert Newry, the reliance on resumes alone doesn't provide a comprehensive picture of applicants, especially in today's rapidly evolving job market.
Newry emphasises that companies face a dual challenge of skills shortages and an aging workforce, compounded by the emergence of new roles in the digital economy. He warns that businesses clinging to outdated recruitment practices risk being left behind in this changing landscape.
Arctic Shores advocates for a shift towards assessing candidates based on their potential rather than past experiences. Their psychometric assessments delve into 'soft skills,' such as communication and problem-solving abilities, to uncover candidates' aptitudes and suitability for roles. Clients like TalkTalk, PwC, and Vitality have already benefited from Arctic Shores' approach.
The Series B funding, led by Praetura Ventures and Calculus Capital, underscores the growing recognition of the importance of innovative recruitment solutions. Praetura Ventures' operational partner, Helen Verwoert, highlights the evolving nature of recruitment challenges and the need for new tools to address them effectively.
Verwoert notes that Arctic Shores' platform offers clients a competitive edge by widening the talent pool, focusing on real skills, and mitigating bias in hiring practices. This sentiment is echoed by Alexander Crawford of Calculus Capital, who praises Arctic Shores' platform for its ability to enable data-backed hiring decisions and reduce bias.
The investment will fuel Arctic Shores' expansion efforts, particularly in Europe, where there's increasing demand for soft skills assessments. Additionally, the company plans to enhance its platform with self-configure capabilities and updates to assess workplace intelligence.
Arctic Shores' mission to revolutionize recruitment aligns with broader trends in the industry. Employers are recognising the limitations of traditional hiring methods and are increasingly turning to innovative solutions that prioritize potential and diversity.
As businesses navigate the challenges of a rapidly evolving job market, Arctic Shores' approach offers a promising avenue for identifying top talent and building resilient, future-ready teams. With the support of strategic investments like the Series B funding, Arctic Shores is poised to continue reshaping the recruitment landscape and empowering businesses to thrive in the digital age.