Hirewell Raises $21 Million in Funding

November 15, 2021 – Hirewell, a Chicago-based talent acquisition firm, secured an investment of $21 million from Prytek, a global investment firm with expertise in integrating global services firms with cutting-edge technologies. Prytek will provide capital to enable Hirewell to accelerate its organic growth and integrate technology into its managed recruiting services. As part of this investment, Hirewell will acquire ICV, a Tel Aviv-based software company.

“The talent acquisition space has evolved significantly over the past ten years, but technology has yet to truly disrupt the industry,” said Matt Massucci, founder and CEO of Hirewell. “Recruiters increasingly rely on multiple platforms, most of which don’t integrate or have limited functionality, and some of which actually compete with the recruiters they claim to support. The ability to combine best-in-class recruiters with cutting-edge technology will equip us to be the ideal recruiting partner for companies that are serious about finding top talent. We are thrilled to partner with Prytek to take that step and continue delivering powerful results to our clients.”

This partnership will unite Hirewell’s recruiting expertise with Prytek and ICV’s technical acumen. For 20 years, Hirewell has provided talent acquisition solutions to top organizations across the U.S. In the first 10 months of 2021, Hirewell helped over 300 companies hire over 1,700 employees. For four years, ICV has been creating technology that utilizes artificial intelligence and machine learning to reduce the time recruiters spend searching for talent. ICV’s software scans millions of public data records in seconds to build candidate funnels across all skillsets.

“Recruiters, on average, may spend 25 to 50 percent of their time searching for candidates for hard-to-fill roles; with ICV’s software, recruiters can instead spend more time talking to candidates and filling roles,” Hirewell said. “Embedding ICV’s technology into Hirewell’s managed recruiting services will differentiate both firms in a competitive market. The combined expertise will empower organizations to hire the best talent in a cost-effective manner and employees to find roles that best fit their ambitions.”

“Prytek has identified the recruiting industry as ripe for disruption,” said Andrey Yashunksy, co-CEO and co-founder of Prytek. “Fusing premier technology with high-touch delivery will create a standout solution to client needs in an extremely competitive market for talent. Hirewell is the ideal company for us to partner with as we build our vertically integrated HR ecosystem. This investment enhances our vertical supply chain to ThriveDX (a portfolio company of Prytek), which builds vertically integrated solutions for cyber and IT education for universities and corporations. Now, with Hirewell’s strong team and expertise, we will not only be able to create new experts, but also manage their placements and provide corporate clients end-to-end solutions for their recruiting needs.”

“After years of intensive research on natural language processing and machine learning technologies, we developed smart matching and sourcing solutions for the recruiting industry and are thrilled to introduce our technology to the North American market,” said Ran Weiss, co-founder and CTO of ICV. “Combining our technology with Hirewell’s decades of experience will address the difficulties in recruiting employees in today’s job search jungle. The acquisition is a natural fit and we’re ready to propel Hirewell’s hiring and technology efforts forward.”

This announcement follows a year of record employee growth for Hirewell, which rose 120 percent from last year. In the coming months, Hirewell is looking to build up its software development arm, with the aim of launching its new sourcing solution in Q1 of 2022.

Investment Funding

Here’s a look at some other recent funding deals secured by these companies from the Hunt Scanlon Media archives:

 Worksome recently closed a $13 million Series A funding round for its freelance talent platform — after racking up 10x growth in revenue since January 2020, just before the COVID-19 pandemic sparked a remote working boom. Founded in 2017, Worksome is an enterprise platform that connects companies with freelancers looking for professional roles. The company helps medium and large companies, working with many freelancers at a time, filling vacancies within teams rather than assisting companies in outsourcing projects. According to Worksome CEO and co-founder Morten Petersen, most enterprises use managed service providers (MSPs) to manage and pay external workers. He said that they use “outdated technology that is not built for managing fluid workforces to handle complex compliance processes around hiring and managing freelance workforces.”

SeekOut, the AI-powered talent 360 platform, has received $65 million in series B funding led by Tiger Global Management, with participation from existing investors Madrona Venture Group and Mayfield. This capital raise brings SeekOut’s total funding to $73 million. This funding round values SeekOut at close to half a billion dollars. SeekOut’s growth and expansion has been driven by the critical role it plays in empowering talent acquisition teams to recruit hard-to-find and diverse talent. SeekOut has consistently received high scores and strong reviews in analyst and customer assessments. 

GoodJob, a platform that aims to use psychology and data science to match workers with jobs, recently raised $3 million to increase marketing and sales efforts in major markets across the U.S. “GoodJob’s solution is ideal for today’s market,” said Stephen D. Johnston, CEO of GoodJob. “Prior to an interview and without introducing bias, employers can quickly assess a candidate’s fit on the front end of the hiring process,” said Mr. Johnston. “This approach allows companies to spend time only on candidates who have a high probability of success, which significantly impacts hiring efficiency, especially as companies move to no-touch hiring practices.”

Turing.com, which describes itself as an automated platform that enables companies to use and manage remote software developers, has assembled $32 million Series B funding. The capitalization round was led by $3.3 billion fund WestBridge Capital. The round includes a number of high-profile investors, including Foundation Capital, which led Turing’s seed round. Altair Capital, Mindset Ventures, Frontier Ventures and Gaingels also participated in the Series B round. Driven by the massive global shift to remote work due to the COVID-19 pandemic, Turing taps into a global pool of developers to help companies hire in markets such as the San Francisco Bay Area and New York, where it has been difficult and expensive to hire and retain software engineers.

The Mom Project, a talent marketplace, closed a $25 million series B funding round, bringing total funding at the Chicago-based company to $36 million. The Mom Project aims to connect women, including mothers, with employment opportunities. Its platform has amassed more than 275,000 users and more than 2,000 companies, including brands like Apple, Nike, Gap and BP. “Together we’ve proven that hiring, retaining and supporting moms and caregivers isn’t just a nice thing to do — it’s great for business,” said Allison Robinson, founder and CEO. “We’re in a unique moment in time where companies are embracing flexible work and prioritizing inclusion, and are excited to rapidly accelerate our efforts to unlock the potential of moms in the workplace. Our latest round of funding will help expand our Enterprise product suite, build out our mom community engagement strategy and engage with more small business customers.”

Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media

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