London-based tech recruitment startup Codility has announced of securing fresh funds in its latest funding round. What’s worth noting is that for the past 10 years, the startup was being bootstrapped and this is the first time it has raised external funding. However, even while being run as a bootstrapped startup, the company posted double-digit annual recurring revenue but now, the team believes it’s time to step up.
First external funding after 10 years!
Codility has raised €19.8 million in Series A round of funding. The latest funding round was led by experienced investors such as Richard Anton at Oxx and Hillel Zidel at Kennet Partners. The company will utilise the new funds to accelerate its growth this year, serve more engineering teams, and support the company’s growing enterprise clientele.
“Years of bootstrapping taught us to work hard, focus on our customers, act thoughtfully, and do it all without ego. At the same time, we were limited in our reach and kept feeling that there was so much more we could do and build if only we could spin up a couple more engineering teams or run a couple more campaigns,” Codility states in a blog post.
Codility helping tech recruiters assess candidates better
Most tech companies hire engineers by giving them a standard set of problems to assess their theory of algorithms knowledge. Codility sets itself apart from the competition by introducing tests that represent real world problems that engineers are more likely to face while working on projects. This helped the company garner 1,500 customers in 2019 and evaluate over 450,000 candidates, a number the company claims has grown over 50 percent year-over-year.
“The biggest bottleneck to achieving this lies in sourcing, screening and interviewing,” said Codility CEO Natalia Panowicz. “This is where Codility comes in. We allow businesses to deliver great experiences to candidates and deep insights to the hiring team — improving decision-making and ultimately increasing their overall engineering capacity.” Currently, Codility has an impressive clientele list that includes Microsoft, Tesla, Slack, Okta, Rakuten, American Express and UnitedHealth Group.
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