HeyJobs, a three-year-old Berlin startup which helps large companies scale recruiting, has raised $12 million in Series A funding. The round is led by Notion Capital, with participation from existing investors Creathor Ventures, Rocket Internet’s GFC and recently re-branded Heartcore Capital.
Launched in 2016 and established the next year, HeyJobs intends to handle the recruitment dilemma European companies are facing because of significant declines in the available workforce because the so-called the”boomer” generation nears retirement (that is visiting Germany alone shedding 500,000 workers yearly, seemingly ).
The HeyJobs platform leverages machine learning in an endeavor to produce high-skilled recruiting more scalable. It guarantees to match talent with project profiles and draw from the best candidates through targeted advertising and a “personalized application and assessment flow.”
“We use a fully automated technological approach to help candidates find jobs and companies find employees,” states HeyJobs co-founder and CEO Marius Luther.
“For example, we deploy multiple machine learning algorithms to find the right potential candidates for a specific role (asking ‘who are the most likely candidates for an intensive care nurse role in East London?’). Our technology then makes sure candidates see the job proposal on channels such as Facebook, Instagram, job platforms and across the web.”
Additionally, Luther claims that HeyJobs’ personalized appraisal helps to ensure that the provider only delivers to companies high tech, hireable candidates, something that he dubs as”predictable hiring” in scale.
“Our clients are typically the talent acquisition teams of employers with high-volume recruitment needs,” he explains. “In Germany, 8/10 largest employers (by headcount) are our clients. Typical industries would be logistics (i.e. DPD, UPS), retail (i.e. Vodafone) and hospitality (i.e. h-hotels, Five Guys). However, our real customer is the non-academic job seeker who is looking for a job that will help him/her live a more fulfilling life — be it by being paid more, switching to better employment conditions or finding a job closer to home.”
To this end, HeyJobs states it’s currently serving over 500 enterprise customers, such as United Parcel Service, PayPal, Five Men, Vodafone and Securitas. The business generates revenue using a selection of business models, from subscription to per-hire achievement fees.
“The cost per hire is typically a fraction of what clients would pay job boards on a per-post basis or what they would pay to staffing firms on a per-hire basis,” adds the HeyJobs CEO.