The Estonian startup will use the new cash to triple the workforce and add functionality to the platform
BADideas.fund was among the investors in this round, and it was BADideas.fund’s second investment.
Tallinn-based startup RecruitLab has raised €1.9 million in a seed round to offer video-recruitment platform that helps streamline and automate recruitment processes. The funding was led by Baltic market specialist Change Ventures and backed by StartupIst VC, FFF.vc and the BADideas.fund, an early-stage angel syndicate led by founders and operators of companies like Bolt, Vimeo, Shopify, Printify, Pipedrive, Deel, Bird.
The funds will be used for expansion in the U.K. and other European markets, tripling the company's workforce and adding new functionality to its platform.
RecruitLab plans to offer solutions for recruiters at SMEs and small recruitment agencies who require a plug-and-play solution. It provides an alternative to the incumbent Applicant Tracking Systems (ATS) players, like Workable, Bullhorn, Taleo, Lever and Greenhouse. The platform provides the same ATS functionality in addition to recruitment marketing, social media, candidate experience, and asynchronous video recruitment tools to automate the recruitment process at a price point that every company can afford.
With a portfolio of clients such as DPD, Circle K, Tallink and KPMG, the company claims it reduces hiring time by 50%, and improves the overall candidate experience.
Paavo Heil, founder and CEO of RecruitLab said: “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.”
Epp Sillaste, head of people at KPMG Baltics, added: “We chose RecruitLab as were on the hunt for a video interviewing tool also featuring other essential recruiting tools such as interview planning, talent pool capability mapping, automating interview scheduling and feedback e-mails, and easy access to necessary recruitment statistics for labour intensive recruitment projects.”
Originally published at https://tech.eu/ on August 17, 2022.