June 4, 2021 – Investors are pouring money into recruiting solutions businesses. Filtered, a hiring platform for engineering and technology talent, has secured $7 million in strategic seed funding from the AI Fund and Silicon Valley Data Capital. Founded in 2018, the Boston-based startup provides skills-based interviewing, testing and assessing candidates in real-world work samples. It also uses AI to help detect fraud. It is led by co-founder and CEO Paul Bilodeau. Filtered claims its hiring platform reduces cost per hire by $36,000, rejected offers by 20 percent, undetected fraud by 28 percent and time to fill open positions by 30 days while increasing the interview-to-hire rate by 56 percent. It has more than 1,000 clients including Delta, Bayer, Redfin, Cigna, Coca-Cola, Quicken Loans, TransUnion, Georgia Pacific, Enterprise Holdings and Informatica.
Filtered’s product could help shake up hiring for technical roles for start-ups, a system that is rife with bias and wasted time, TechCrunch reported. “By creating an unmatched hiring experience that both candidates and companies love, we’re working to introduce Filtered to even more businesses that are struggling to staff as they digitally transform,” said Mr. Bilodeau. “As we continue to enhance the platform, including being the first to focus on critical modern, emerging technologies like Cloud and DevOps staples like Docker, Kubernetes and others, we will continue to release innovative features tailor-made for our clients’ challenges. Filtered is redefining the relationship between candidates and hiring companies.”
Executive Recruiters & Talent Leaders
Reveal Market Forecast
The pandemic caused an unprecedented disruption to executive search activity in 2020. Executive recruiters spent the better part of last year resetting expectations in the midst of an unprecedented interruption to their business. But according to recruiting industry leaders interviewed for this report, the search business is turning a significant corner.
We take a critical look back, examine search firm performance, and uncover fresh market opportunities. Leading executive recruiters offer up their viewpoints, and forecasts, for 2021. The good news: optimism reigns. And that means we could be in for one of the biggest growth spurts the executive search sector has enjoyed in years. Here’s our latest thinking. A special thanks to our co-sponsor: N2Growth! Buy your copy today!
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.”
Mya Systems, a conversational AI platform for hiring teams, announced that it has secured $18.75 million in Series C funding. The funding was led by Notion Capital with participation from earlier investors, Emergence Capital and Foundation Capital as well as Cisco Investments and Workday Ventures. Over the past year, Mya Systems gained tremendous momentum, seeing three times customer subscription growth in 2019 alone. Mya now supports over 460 brands, six of the eight largest recruiting firm, and 29 of the Fortune 100. Customers include industry leaders such as Hays, Adecco, L’Oreal, Deloitte and Anheuser Busch.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media