Two European recruitment start-ups secured millions of pounds in funding this week from investors who believe that recruitment apps have an important role to play when it comes to matching people with the right job.
There are thousands of start-ups aiming to help employers find the right candidate and help job hunters find their ideal role.
But two lucky ones got a boost when they caught the attention of wealthy venture capitalists this week.
Reading-based SaaS search firm Invenias raised $1.5m (£1m) in a funding round led by MMC Ventures, whilst UK and Spain-headquartered jobandtalent found €2.5m (£2.15m) in its latest funding round, led by Spanish VC Kilbo Ventures.
Invenias provides software for executive search firms, specialist recruitment companies and enterprise recruitment organisations.
The company’s cloud-based software platform integrates with Microsoft Outlook so users can manage and view candidate information — such as CVs and cover letters — within the email client, rather than having to open another application.
The Outlook app also includes social integrations that allow a candidate’s LinkedIn, Facebook and Twitter accounts to be accessed with ease. Last month it also released iOS apps for iPhone and iPad.
The company was founded in 2005 and already boasts customers in 30 countries but Invenias said the new funding will be used to further accelerate its international expansion, with a specific emphasis on the US and Asian markets.
According to TechCrunch, Invenias’ founders had previously funded the business themselves to the tune of $750,000, bringing total investment in the company up to $2.25m (£1.46m).
Jon Coker, investment partner at MMC Ventures, said: "The executive search and recruitment market is growing and innovating fast. MMC specialises in backing UK businesses that have the potential to succeed on a global scale and Invenias has already shown this to be true."
Meanwhile, jobandtalent, uses a ‘linguistics-based algorithm’ to match employers’ job ads with prospective employees’ CVs.
Since it launched in 2009, jobandtalent, claims to have signed up more than 200 “leading European and global companies” as employer customers — including Vodafone, Accenture and Deloitte. It also claims to have more than 500,000 registered users, and employs 20 members of staff itself, working mainly in technology, big data and marketing.
The start-up had previously received €1.1m (£0.9m) in angel funding and plans to use the latest investment to improve the matching algorithm from its current 50 per cent accuracy.
“Personally I am not so sure that what the world most needs now is yet another recruitment app but I guess MMC et al must think otherwise - though perhaps what they are really investing in is the underlying technology,” TechMarketView IT analyst, Anthony Miller, told Techworld.
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