TalentPool, an occupation-seeking program for startups recently fundraised $1 million after a round of investments. This round was primarily funded by a the London housed Niche Invest.
Chief research and investment officer for Niche Invest, Rich McNally, said, ““We’ve been very interested in the automated recruitment space for a while now and our research revealed TalentPool’s platform as a clear segment leader.”
“After several meetings with the founders and an in depth due diligence process, we’re confident that we’ve found one of tomorrow’s major disruptors to the traditional recruitment market.”
CEO of Niche Invest, Simon Smith also stated that he was dazzled by TalentPool’s “robust, operationally effective platform and its strong team.”
“TalentPool has achieved impressive top line growth while continuing to focus on developing their matching technology. Hitting profitability last year proved the commercial viability of the model and made raising capital to ramp up investment in the tech a no brainer.”
“We’re excited to come on board at this key moment as the business is poised to deploy their matching engine into new and larger markets. We look forward to working with Tom, Andrew and the team as they build the business to its full potential.”
Co-founder Tom Davenport said the growth in revenue the company is making, and the recent funding would give his team and him the chance to improve the technology that helps run the company, while also improving their growth to serve customer needs from college graduates to full-time professionals.
“We’re growing our tech team, with a particular focus on applying machine learning to our already large dataset and existing matching algorithms. We have our first data scientist joining us next month from the trading algorithms team of a leading bank.”
“At the same time, we’re growing our investment in marketing as we expand into new markets. We’ll be spending across a range of digital and non-digital channels, both to expand our membership of 65,000 candidates and also grow our brand amongst employers,” he said.
Davenport also mentioned that he and his team used two years of time exclusively on putting college graduated together with startup businesses. Need from his customers to push into more industries and more professional candidates means his business is looking to expand and push into new marketplaces.
“We’ll be on-boarding our first few thousand candidates in the coming months. Initially, we will be focusing on sales, marketing, account management and operations but will continue to add new functions monthly.”
TalentPool is already conducting business in a fierce market and Davenport notes his main competition has plenty of speed bumps.
“Our main competitors are now traditional requirement agencies who have dominated this space for long time. We deliver a service similar to that of an agency but we automate the process.”
“The first consequence of this is that we don’t ‘sell’ (this is where a traditional recruiter persuades companies to take candidates or vice versa). We just introduce companies to candidates who match with them on the platform – and it’s entirely their call whether or not to go ahead. The result is a much stronger retention rate and better – genuinely positive – experience for both sides.”
“The second consequence of our automation is that we can pass on our efficiency savings to our clients. We charge a 8.5% fee while the recruitment industry standard is 20%. At the same time, and critically, good recruiters have a success rate of around 35%. This means that they are not paid for most of the work they do; so those who commission successful searches need to cover the costs of all the unsuccessful searches,” concluded the co-founder.
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