A hiring intelligence platform from London, Screenloop that helps teams reach their recruitment targets faster, has picked up $7 million in seed funding. This round follows the $2.5 million that it secured in December lasy year and takes the total funding raised to $9.5 million.
The investment round was led by Stride VC (which invested in Knowunity and TechWolf) alongside participation from Ludlow Ventures, All Iron Ventures, Passion Capital and angel investor Paul Forster, founder of job-seeking platform Indeed.
Funds to back its growth
Screenloop will use the investment for continued product investment and research and development as it aims to deliver a powerful end-to-end hiring intelligence platform. Also, the startup will focus on expanding into the US and new markets. Besides this, the hiring intelligence platform is also growing with key hires across its marketing, sales, and engineering teams.
Jay Radia, Co-Founder and Chair of Screenloop, added, “We have built a platform that can help all businesses to achieve their hiring goals faster by creating a world class candidate experience. 80 percent of employee turnover is due to bad hiring decisions4 which we help businesses avoid through our platform. By focusing on experience, companies can attract, hire and retain the best candidates around and build a more diverse team at the same time.”
Gabbi Cahane, Partner at Stride VC, said, “From the moment we met the team, we could see they had a unique combination of vision, experience and technical chops to pull off such an ambitious project. In the war for talent, when candidates’ expectations are growing ever higher, it’s fundamental that companies can provide them with an experience that is empowering, engaging and effective. Whether they’re hiring to grow or to fill the gaps, they need a recruitment process that’s fit for purpose, and that’s exactly where Sceenloop becomes indispensable.”
Idea behind Screeloop
Screenloop was founded by Anton Boner, Rodrigo Santos, Joao Leal, and Nuno Saldanha in 2021 in London. It was born due to the shared frustrations and poor hiring experiences of its founding team while working as senior operators at fast-growth tech businesses, including Stack Overflow, Talkdesk, Revolut, Reachdesk, and ClearScore.
Reportedly, 95% of businesses have admitted to making bad hiring decisions and 30% of interviewers typically make their decision on a candidate in the first five minutes of an interview. The founding team believes that hiring is inefficient, outdated and unfair to candidates around the world and wants to fix the broken process that lacks insight into what to prioritise and improve.
Removes bias in hiring
Screenloop’s end-to-end hiring intelligence platform includes four product solutions for businesses. ‘Pulse’ enables automated candidate feedback on the organisation’s recruitment processes and uses it to identify and provide tailored recommendations for improvement using AI – enabling businesses to hit their hiring goals faster. One of Screenloops customers was able to reduce candidate drop off by 60% by leveraging the insight to improve their hiring process.
‘Interview training’, provides modern shadowing and real-time coaching through AI to enable interviewers to ask better questions as well as remove subjectiveness and unconscious bias in decision making. Screenloop’s ‘Interview Intelligence’ allows businesses to collaborate quicker and make decisions faster. The solution enabled one Screenloop customer to hire the top candidates in their process faster with a decrease of 26% in time to offer.
Anton Boner, Co-Founder and Commercial Director, said, “Screenloop reduces the likelihood of companies making a bad hire whilst also helping remove unconscious bias from the recruitment process. We want to ensure candidates have an amazing interview experience with every company and are treated fairly. We also want to empower companies with data, insights and actions to be able to make the best hiring decisions all the time.”