Estonian start-up RecruitLab has raised €1.9 million to help bolster its video-recruitment platform. With it, the company also looks to expand in the UK and across Europe.
Levelling the playing field
Recruitment software provider RecruitLab has announced the closure of its €1.9 million seed round. The round was led by Change Ventures, a Baltic market specialist that only invests in globally scalable businesses. RecruitLab offers a video-recruitment platform that aims to help streamline and automate the recruitment processes. Among RecruitLab’s clients are internationally-known brands such as DPD, Circle K and KPMG.
“Clients compared the platform with enterprise-level Applicant Tracking System tools. For the first time, they can now level the playing field in recruiting top talent.“
“We were tremendously impressed by the stellar feedback from RecruitLab clients”, Yrjö Ojasaar, an Investment Partner at Change Ventures, said. “Clients 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.“
Getting rid of Excel and Outlook
Part of what RecruitLab aims to do for SMEs is ensuring they get rid of any Excel and Outlook strategies they may have relied upon in the past. “Despite the ever-increasing workflow of recruitment teams, it is estimated that around 50% of employers still use programs like Excel and Outlook to track applicants”, said Heil. “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.”
“RecruitLab is arming SMEs with the tools that previously, only the big enterprises could afford”, said Paavo Heil, RecruitLab founder and CEO. “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.”
Expanding services within UK and across Europe
With the €1.9m investment, the company aims to expand its services within the UK, as well as other European markets. Moreover, RecruitLab aims to triple its own workforce, while also adding new functionalities to its platform. “We are offering a recruitment tool at a price accessible to everyone. The company targets an underserviced segment of the market: recruiters at SMEs and small recruitment agencies”, the company stated.