Digital recruitment platform SupplyWell has received a £500,000 equity investment from MSIF’s Merseyside Loan and Equity Fund [MLEF] – delivered by fund manager subsidiary, Alliance Fund Managers [AFM].
Founded in 2018 by ex- teacher Michael Heverin, digital marketing expert Dan Price, and recruitment specialist Raina Heverin the company has successfully progressed out of prototype stage and is now gearing for national expansion – ready to support schools and teachers across the UK.
Based in Liverpool City Centre, SupplyWell serves as a digital marketplace platform to bring together supply teachers and schools looking to fulfil temporary teaching roles all within an automated data platform utilising cutting engine algorithmic data engines. SupplyWell also helps to reduce absence and importantly improves retention through staff wellbeing modules.
The seed round of £500,000 was led by AFM’s Digital Investment Manager David Walters with legal support from Brabners LLP. SupplyWell can now look to expand its offering by broadening its workforce and continuing to rollout its AI driven deep job platform across the UK and to international territories.
Our Co-Founder & CEO Michael said:
“Our innovations and technology are what allow us to support our teachers and schools. It facilitates and allows us to create an ethical alternative to traditional agencies. SupplyWell is creating something special, and we are serious about the problems that we are solving in education. We wanted to make sure that we partnered with investors who shared not only our ambitions, but also our passion to create meaningful change in a sector that is often overlooked. David, Mark and their team at MSIF have shown they are committed to accelerating SupplyWells growth, ensuring more local jobs as well as supporting opportunities for teachers, schools and students in the Liverpool City Region and beyond. SupplyWell have been supported by the invaluable advice of Dave Furlong of Eupraxis Consulting, and had financial forecasts supplied by Rajesh Sharma from Tilston Ventures. SupplyWell were grateful to receive their support during the raise.”Michael Heverin, SupplyWell CEO
MSIF and AFM Thoughts
David Walters AFM Digital Investment Manager added:
“We are excited to be supporting the SupplyWell team on the next stage of their EdTech growth journey “from seed to scaleup”. Teachers, schools and students will benefit hugely from the SupplyWell deep job platforms which automates the process for putting the right supply teacher in touch with the right school at the right time. We could see clearly though our due diligence the major operational teacher absenteeism issues that exist every school day and how the SupplyWell platform can make a difference to the quality of supply teaching for all. The business has already established itself across Liverpool and there is a real opportunity to expand throughout the UK and further afield.”David Walters AFM Digital Investment Manager
Marc D’Abbadie AFM head of equity commented:
“Our investment into SupplyWell further demonstrates our support of the exciting LCR early stage tech community seeking growth capital to expand their services. The management team have done a great job in a short period of time to build out their SaaS platforms and grow their teacher and school user base across the LCR region. The opportunity to expand their footprint and their tech is huge and we look forward to supporting the team on the journey ahead.”Marc D’Abbadie AFM Head of Equity
Set up in 1994 to promote economic growth in the region by addressing the funding gap, MSIF has since invested funds totalling over £190million in over 2,250 businesses. This funding has created and preserved around 16,000 jobs and brought in more than £300million investment from the private sector on the back of its own investments. MSIF continues to invest its capital across the Liverpool City Region and wider North West via funds managed by its fund management subsidiary AFM.
Alliance Fund Managers [AFM] is the FCA-regulated fund management subsidiary of MSIF. AFM manages a variety of funds, including those of MSIF, NPIF Microfinance Fund and the Liverpool City Region’s Growth Platform – Flexible Growth Fund. AFM delivers funding of up to £2million to SMEs across the Liverpool City Region and wider North West.
SupplyWell is redefining supply teaching with its digital recruitment platform. It means better pay and flexibility for supply teachers and lower costs and easier access to talented teachers for schools. Founded by teachers for teachers – SupplyWell wants to build a fairer future for teachers, schools and students