Change Ventures leads the €1.9M seed round of Estonian recruitment software provider RecruitLab
Tags: Change Ventures Seed round Business software HR RecruitLab
Photo: RectuitLab team (by Jake Farra)
The round was led by Change Ventures and saw participation from StartupIst VC, FFF.vc and the BADideas.fund. To date, the startup reached a total of €2.2M in funding. The company was founded by three entrepreneurs with over a decade of HR market experience — Paavo Heil (CEO), Karl-Sander Erss (CTO) and Marie Evart (CMO).
Recruitlab's technology allows users to manage the hiring process in less time by automating small arduous tasks. The startup already has clients in Finland, Estonia, Latvia, Lithuania, the UK, and Germany and now is ready to speed up its expansion across Europe thanks to the latest funding. Accordingly, the company will be hiring new talents to deal with the workload and offer new features to its users on the platform.
RecruitLab offers its clientele a video-recruitment platform that helps streamline and automate their recruitment processes, handle many more candidates while reducing hiring time by 50%, and improve the overall candidate experience. The Company has paying clients across the UK, Germany, Finland, Estonia, Latvia and Lithuania, including internationally known brands like DPD, Circle K, Tallink and KPMG.
Paavo Heil, the founder, and CEO of RecruitLab said: "RecruitLab is arming SMEs with the tools that previously, only the big enterprises could afford. By using our platform, clients save on average 50% of time spent on every recruitment project and make up their return on investment within the first month. It's easy to use and deploy; without having to be a specialist, users can intuitively set up automation tools without external help. Surprisingly – despite the ever-increasing workflow of recruitment teams, it is estimated that around 50% of employers still use programs like Excel and Outlook to track applicants. Furthermore, most of the existing ATS are inflexible, underperform when it comes to customer support and struggle to keep up with the rapidly changing industry."
Yrjö Ojasaar, an Investment Partner at Change Ventures, said: "We were tremendously impressed by the stellar feedback from RecruitLab clients – who compared the platform with enterprise-level Applicant Tracking System tools, specifically tailored in functionality and pricing for SMEs. For the first time, they can now level the playing field in recruiting top talent."
Responses to the recruiter's job ads may vary from zero to hundreds of applicants. Under the first scenario – recruiters need to undertake additional activities to attract the attention of desired candidates, whilst when dealing with a high volume of responses, every applicant's qualifications need assessment. All prospective candidates expect prompt and transparent communication throughout the hiring process. As a result, the workload of recruiters has dramatically increased whilst the average employee's life cycle in companies is getting shorter.
RecruitLab's platform has proven to bring the most value to HR teams or recruiters, eradicating the small arduous tasks that take up most of the time. The Company's proprietary video interview platform simplifies and speeds up the pre-screening process of candidates through its asynchronous interviews function. The fully GDPR-compliant platform optimises candidate management, tracks progress and provides insight into project statistics, automates interview scheduling and feedback e-mails, integrates with recruitment channels, and creates professional job advertisements in minutes, including for social media.
The funds will be used for expansion to the UK and other European markets, tripling the Company's workforce and adding new functionality to its platform, enabling recruiters to benchmark their activities and results against similar recruitment professionals. With RecruitLab tools, recruiters get actionable insights that will improve recruiters performance, reduce spending, and gain data on which recruitment platforms are the most effective for sourcing specific candidates for a particular position(s).
blog post by Yrjö Ojasaar
article by ArcticStartup
Photo by Viktor Talashuk on Unsplash
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