Addleshaw Goddard’s corporate team in Scotland has advised growth capital investor, BGF, on its £5.2 million investment into Odro – a technology firm that provides video interviewing and engagement software to the recruitment industry.

BGF has acquired an undisclosed, minority stake in the business to help accelerate a global expansion plan that will see the company opening offices in Australia and North America. 

The multimillion-pound funding from BGF – formerly known as Business Growth Fund – is Odro’s first major external funding round, the only other being £100,000 secured from a group of angel investors in 2015.

Headquartered in Glasgow and with more than 40 staff now on board, Odro boasts a rapidly expanding client base of household recruitment names including The Adecco Group, Robert Walters and Kelly Services. 

Since launching in 2015 with just two members of staff, Odro has doubled its revenue year on year and the investment from BGF will enable the firm to create 20 new roles over the next two years. 

Addleshaw Goddard’s advisory team was led by legal director, Laura Falls, with support from corporate finance associate, Sarah Dick. 

Laura Falls said: “BGF has recognised the game-changing role Odro plays across the recruitment tech scene, which it has underlined by its level of investment. It is evident that Odro’s global expansion strategy is aligned to the wider environment, where we know that our reliance on technology and digital innovation is projected to increase year on year.

“The transaction continues a strong run of deals closed by our Scotland team since the start of the year, particularly in the technology and digital innovation sector, and we suspect to see this trend continue.”

Euan Baxter, investor at BGF, said: “Odro has built an enviable reputation. They are already recognised as one of the world’s foremost video brands in their industry, despite currently concentrating almost exclusively on the UK market. We’ve been really impressed with the tech, which provides agencies with a complete 360 solution to manage the digital hiring process, and with their customer advocacy. 

“The journey the company has been on so far is incredible. The growth it has achieved to date is testament to the product, and to the team that’s in place driving the business forward. That is what BGF is backing, and we’re delighted to be on board at what’s hopefully going to prove the most exciting time in the company’s history.”