Broadstone Secures A Further £1.5m To Fuel Expansion

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30 January 2020

Technology start-up Broadstone, which provides ‘labour as a service’ via an App to FM and other large organisations, has extended its funding by a further £1.5 million in order to service major contract wins in recent months.

Broadstone recently partnered with Ezitracker to integrate the App into Ezitracker's workforce management software.

The latest Broadstone investment was made by existing investors Maven Capital on behalf of NPIF – Maven Equity Finance (NPIF), part of the Northern Powerhouse Investment Fund, along with a number of angel investors – most notably Peter Searle, the former UK CEO of temporary staffing agency Adecco.

The money will be used to scale operations and to accelerate Broadstone's. This takes the total raised by the company to £2.5 million to date.

In just under two years since launch, Broadstone’s platform has gained 30,000+ users in the UK looking for shift-based work in regulated sectors. Fulfilment also jumped to 83% in Q3 2019 – the industry benchmark sitting at just below 45%.

The Manchester-based company’s platform, draws on data, automation and gamification to connect large corporate organisatons to those individuals looking for temporary work – it works particularly well in the security and cleaning sectors, hence the tie-in with Ezitracker.

To read the full ThisWeekinFM story - Click Here

 

Ezitracker

 

In a ThisWeekinFM Spotlight Interview, Christian Berenger, Ezitracker MD UK, Australia and New Zealand. said of his company's products: "it makes sense to automate the more data-driven tasks such as staff tracking and performance measurement. A good workforce management system goes beyond just time and attendance monitoring. It will take care of the data and analytics, allowing managers to measure employee experiences at every stage of the employee lifecycle and establish benchmarks to measure future performance.

For the Spotlight Interview – Click Here

 

Regulated industries

 

Back to Broadstone's platform. It currently focuses on regulated industries and allows organisations to access a pool of qualified and compliance tested talent – saving companies the time, money and effort of engaging traditional temporary staffing agencies. Job seekers benefit by being able to go through one simple vetting process and gain access to work directly from their phones for multiple companies - Berenger described it as an Uber for the FM industry. In addition, workers can also see how much they’ve earned from a shift and have the ability to draw down their earnings quickly and seamlessly.

 

G4S, ISS World and OCS

 

In recent months, the company has won contracts with major global organisations  G4S, ISS World and OCS - meaning Broadstone now has five of the top 10 security companies in the UK as clients, with a combined annual turnover of $2.27 billionn and market share of 55%.

 

Huge market opportunity

 

Co-founder & CEO Tom Pickersgill said: "labour-as-a-service is growing fast in recognition as a term. We are well placed to strengthen our position. We've recently seen Uber moving into this market with Uber Works, demonstrating the model’s strategic importance.

“The investment has come at a crucial time in our evolution as it will allow us to accelerate the creation of a new product roadmap and roll out a number of new capabilities for our expanding customer base of global players."

 

"The Economist predicts that by 2029 all workers will be listed on at least one labour platform – this presenting Broadstone with a huge market opportunity."

– Tom Pickersgill

CEO, Broadstone

 

International aims

 

Pickersgill continued: "Winning contracts with organisations like G4S and OCS, gives us a real opportunity to expand our operations into multiple sectors and geographies, whilst giving us the scale to fundamentally redefine the way people search for work, get paid and prove they qualify for roles. Longer-term we have ambitious plans to establish our model in key markets – the US being one we want to move into by 2021."

Peter Searle added: "The additional funding that Broadstone has secured will support building on a proven tech-driven model and innovate the temporary staffing market further to support different sectors including cleaning, catering and warehouse operatives."

 

"It’s providing an end-to-end staffing management tool that’s challenging traditional methods of temporary staffing."

– Peter Searle 

former UK CEO, Adecco

The Northern Powerhouse Investment Fund

 

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

 

Picture: James Doyle, Co-Founder, Chief Operating Officer (left), Tom Pickersgill, Co-Founder, Chief Executive Officer (centre), Nick Groves, Co-Founder, Chief Customer Officer  (right). 

Article written by Brian Shillibeer | Published 30 January 2020

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