Estonia-based RecruitLab, a recruitment software provider, announced on Wednesday that it has secured €1.9M in a Seed round of funding led by Change Ventures. The round also saw participation from StartupIst VC, FFF.vc, and the BADideas.fund.
RecruitLab says the funds will allow it to accelerate its expansion to the UK and other European markets, triple its workforce, and add new functionalities to its platform.
Paavo Heil, founder and CEO of RecruitLab, says, “RecruitLab is arming SMEs with the tools that previously, only the big enterprises could afford. By using our platform, clients save on average 50% of time spent on every recruitment project and make up their return on investment within the first month. It’s easy to use and deploy; without having to be a specialist, users can intuitively set up automation tools without external help. Surprisingly – despite the ever-increasing workflow of recruitment teams, it is estimated that around 50 per cent of employers still use programs like Excel and Outlook to track applicants. Furthermore, most of the existing ATS are inflexible, underperform when it comes to customer support and struggle to keep up with the rapidly changing industry.”
The announcement comes a year after raising €300K in April, 2021. To date, the company has raised €2.2M in funding.
RecruitLab: What you need to know
Founded by Paavo Heil, RecruitLab offers a video-recruitment platform that streamlines and automates the recruitment processes and handles more candidates while reducing hiring time by 50 per cent.
The company has clients across the UK, Germany, Finland, Estonia, Latvia, and Lithuania, and includes internationally known brands like DPD, Circle K, Tallink, and KPMG.
RecruitLab provides an alternative to the incumbent Applicant Tracking Systems (ATS) players like Workable, Bullhorn, Taleo, Lever, and Greenhouse.
The platform offers applicant tracking, a recruiter’s dashboard, recruitment metrics and statistics, job ads, social media recruitment, and application forms. The tool is available on the subscription-based pricing model.
The Tallinn-based company focuses on an underserved market segment like recruiters at SMEs and small recruitment agencies who require a plug-and-play solution.
The fully GDPR-compliant platform optimises candidate management, tracks progress and provides insight into project statistics, automated interview scheduling and feedback emails, integrates with recruitment channels, and creates professional job advertisements in minutes, including for social media.
Change Ventures: What you need to know
Based out of Tallinn, Change Ventures is the first pre-seed/seed venture capital fund with boots on the ground in all three Baltic states. The VC backs ambitious founders based in Estonia, Latvia, and Lithuania, and Baltic diaspora entrepreneurs building their businesses elsewhere.
Currently, the company’s portfolio spans the following major sectors in the region – FinTech/RegTech, E-commerce and retail, B2B, Consumer and EdTech, and a range of DeepTech/AI startups across the globe.
Yrjö Ojasaar, Investment Partner at Change Ventures, says, “We were tremendously impressed by the stellar feedback from RecruitLab clients – who compared the platform with enterprise-level Applicant Tracking System tools, specifically tailored in functionality and pricing for SMEs. For the first time, they can now level the playing field in recruiting top talent.”
Epp Sillaste, Head of People at KPMG Baltics, says, “We chose RecruitLab as were on the hunt for a video interviewing tool also featuring other essential recruiting tools such as talent pool capability mapping, automating interview scheduling and feedback emails, and easy access to necessary recruitment statistics for labour intensive recruitment projects. In addition to saving time – we’ve found that the platform is easy to use and does not require extra training.”