Estonia, Europe-based recruitment software startup RecruitLab announced in April 2021 that it has bagged €300K in a funding round from Urmas Purde, Timo Rein, Pipedrive’s first investor Peep Vain, and top European angel investors from the investment fund Superangel.
The startup will use the proceeds from the funding round to expand to new markets and hire new employees.
About the startup
RecruitLab was founded in 2020. The startup builds recruiter-centric marketing and applicant tracking software. Its easy-to-use user interface and integrations with recruitment channels (like job boards or social media) give recruiters complete control over their recruitment projects. Its platform includes features such as tools for building attractive job advertisements, automated interview scheduling, and video interviewing. The advantage is that these features improve communication with candidates, and cooperation between recruitment teams. The startup competes with companies like Workable, Lever, and Teamtailor, among others. Based on customer feedback, it saves, on average, 50% of the time spent on hiring by automating repetitive tasks and offering easy-to-use and modern recruitment tools.
Statements from the stakeholders
Co-founder of Pipedrive, Urmas Purde said he believes in the experienced team at RecruitLab and their vision to change the way recruiters and hiring managers to work. He added that the recruitment process should be easier and more efficient, and he is sure that RecruitLab’s team can change the way talent acquisition is approached.
According to Founder and CEO of RecruitLab, Paavo Heil said recruitment has changed dramatically in recent years. Without the help of technology, it is complicated, time-consuming, and often impossible to efficiently manage the recruitment process. He added that however, it is estimated that more than half of the world’s recruiters still use Excel, Outlook, Skype, and other applications for recruitment that aren’t initially designed for this purpose. He concluded by saying that many old candidate management platforms have not been able to keep pace with rapid change. All this increases the workload and stress of recruiters.
Marek Kiisa, the managing partner of Superangel said his firm’s investment into RecruitLab, the first HRTech startup in their portfolio, stems from the belief that virtually every sector will become software and AI-driven in the next decade. The strong expertise and bold vision of the founding team combined with the market opportunity creates an excellent opportunity for RecruitLab to achieve 10x growth and set a new standard for the industry, he remarked.
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