Searchlight, a San Francisco-based talent intelligence startup providing companies with the resources to assess and optimize the quality of talent acquisition, has raised US$ 17 million in a Series A funding round led by Founders Fund on 20 December 2021.
Investors: The latest investment round featured Founders Fund as the lead investor with participation from Accel, Shasta Ventures, Kapor Capital, Operator Collective, and high-profile investors like Kenny Mendes, Kelli Dragovich, Beth Axelrod and others.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards recruiting additional talent to double its team size in 2022 and further develop its go-to-market tactic and product.
About Searchlight
Brought to existence in 2018 by Anna Wang and Kerry Wang, Searchlight links self-assessment data and candidate reference to post-hire results, developing a robust retention engine and hiring that offers prescriptive insights. By creating a system that channels employee outcome data into the recruiting process, the firm assists corporations to confidently recruit rapidly, alleviate bias and build a strong workforce. Clients who have employed the solution in beta-format to recruit thousands of employees in the last year witnessed a 40% quicker time-to-fill and 45% optimization in retention. The firm’s potential to measure, estimate and enhance soft skills alignment is propelling the quality of talent acquisition at organizations like Zapier, Udemy and Talkdesk.
What the Founder has to say: “We’re bringing certainty to the process of recruitment so that corporations can mitigate biases and structure diverse, inclusive, high-performing companies. Our data creates many chances for talent left unexplored by conventional hiring processes. We aid our customers to save tens of millions of dollars by minimizing turnover, which also implies fewer employees who experience problems in life when they find themselves working in the wrong role. Our faith lies in creating a top-notch quality workforce by focusing on the foundation of inclusion and diversity.”- Kerry Wang, Co-founder and CEO of Searchlight.
What the Investor has to say: “Majority of the most successful firms realize the role of hiring quality and retention in maintaining high business performance. Searchlight has been working towards removing the guesswork from hiring through data, leading to remarkable outcomes for their clients. I wish these resources were available during my struggle to develop teams at Paypal, Linkedin, Square. I strongly advise all corporations to implement Searchlight’s solution.”- Keith Rabois, General Partner at Founders Fund and Searchlight Board Member.
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