Tallinn, Estonia-based RecruitLab, a recruitment software startup, has raised €300K in a fresh round of funding. The HRtech startup’s funding round saw investment from Pipedrive’s founders Urmas Purde and Timo Rein, Pipedrive’s first investor – Peep Vain, and top European angel investors from the investment fund Superangel.
Marek Kiisa, the managing partner of Superangel says, “Superangel’s investment into RecruitLab, the first HR company in our portfolio, stems from our 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 10 times growth and set a new standard for the industry.”
Importance of technology in recruitment
According to the founder & CEO of RecruitLab – Paavo Heil, recruitment has not been the same in the past recent years. The traditional recruitment process was not efficiently managed, was complicated, and time-consuming.
“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. Also, many old candidate management platforms have not been able to keep pace with rapid change. All this increases the workload and stress of recruiters,” adds Paavo Heil.
One of the founders of Pipedrive, Urmas Purde, says, he believes in the experienced team at RecruitLab and their vision to change the way recruiters and hiring managers work. He mentioned, “The process of recruitment should be easier and more efficient, and I am sure that RecruitLab’s team can change the way talent acquisition is approached.”
Capital for expansion
Heil, says, “We are changing the way recruiters work, and we are growing fast – for the past six months, our growth (month over month) has been 25 per cent. We have customers from the public and private sectors, from very different fields. DPD, Thermory, Tallink, KPMG, Relancer, Tradehouse, Brandem just to name a few. Interest in recruitment automation is growing all over the world.”
The company will use the raised capital to expand into new geographies as well as increase its headcounts to support the growth.
Created in 2020, RecruitLab is an online platform for recruiters and recruitment agencies for talent acquisition. It offers applicant tracking, recruiter’s dashboard, recruitment metrics and statistics, job ads, social media recruitment, and application forms. It is a tool available on the subscription-based pricing model.
RecruitLab uses automation in all areas of recruitment possible, giving the recruiters a chance to use their time for more valuable and interesting tasks. Based on their customers’ feedback, it saves, on average, 50 per cent of the time spent on recruitment by automating repetitive tasks and offering easy-to-use and modern recruitment tools.
According to the company, it allows recruiters to control their recruitment projects with the help of its simple user interface and statistics, integrations with recruitment channels (like job boards or social media).
The company offers tools for building job adverts, automated interview scheduling, video interviewing, features that will improve communication with candidates and cooperation between recruitment teams and hiring managers.
Heil says, “Occasionally, it feels like recruiters have been pushed to the very edge of their abilities to fulfil the employer’s needs and grant the candidates’ wishes by offering the best candidate experience. We aim to focus on the recruiter experience. This is because unhappy and stressed recruiters without suitable technology supporting their workflow aren’t able to offer highly-valued positive candidate experience.”