OnHand Secures £750,000 to Amplify Corporate Social Responsibility
Deal News | Dec 23, 2024 | Northstar Ventures
Northstar Ventures has led a significant £750,000 investment initiative, supporting OnHand, a social impact platform designed to aid businesses in enhancing their corporate social responsibility (CSR) efforts. The investment, stemming from the North East Innovation Fund backed by the European Regional Development Fund, and Northstar's EIS Growth Fund, alongside input from 24 Haymarket, contributes to a cumulative funding amount exceeding £5 million for OnHand. Founded by Sanjay Lobo and garnering recognition such as a 22nd spot in Deloitte's Fast50 fastest-growing tech companies, OnHand connects employees to tailored volunteering opportunities, enriching corporations' societal contributions globally. The platform, in partnership with prominent charities like The British Red Cross, tracks social and environmental impacts, aiming to capture a burgeoning market of companies driven by CSR goals. This partnership not only signifies financial support but also strategic growth intentions as OnHand targets enterprise markets, working towards enhanced platform features and scalability under the guidance of industry veterans like CEO Sanjay Lobo and CFO Will Turner.
Sectors
- Social Impact and Corporate Responsibility
- Venture Capital and Private Equity
- Technology - SaaS
Geography
- United Kingdom – Both Northstar Ventures and OnHand are based in the UK, with investment and operational activities largely focusing on this region.
- Europe – The involvement of the European Regional Development Fund and the European Investment Bank indicates broader European interest and support.
Industry
- Social Impact and Corporate Responsibility – This industry involves platforms and services that enable businesses to engage in activities that promote social good and corporate responsibility, aligning with OnHand's mission.
- Venture Capital and Private Equity – Investment entities like Northstar Ventures involve themselves in growth capital financing for innovative businesses with high growth potential, as evidenced in their investment in OnHand.
- Technology - SaaS – As a software-as-a-service (SaaS) provider, OnHand offers a digital platform facilitating CSR activities for enterprises, reflecting its engagement in the tech industry.
Financials
- £750,000 – Investment amount secured by OnHand in the current funding round led by Northstar Ventures.
- £5 million – Total investment in OnHand to date.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| OnHand | Target Company | Company | A B Corp certified social impact platform that enables businesses to enhance their corporate responsibility through employee-driven volunteering and social initiatives. |
| Northstar Ventures | Investor | Company | A UK-based venture capital firm leading the investment into OnHand, known for funding startups and social enterprises with a focus on societal and industrial solutions. |
| 24 Haymarket | Investor | Company | An investment firm that shares in the recent funding round for OnHand, continuing its earlier support for the company's growth initiatives. |
| North East Innovation Fund | Investor | Organization | Supported by the European Regional Development Fund, this fund invests in innovative businesses based in North East England. |
| Sanjay Lobo | CEO | Person | Founder of OnHand, recognized for his leadership in technology and social entrepreneurship. |
| Will Turner | CFO | Person | Chief Financial Officer at OnHand, known for scaling SaaS companies like Amplience. |
| European Regional Development Fund | Funding Source | Government | A fund established by the EU to aid economic development in European regions, contributing to the North East Innovation Fund. |