Estonian recruitment software provider RecruitLab has secured €1.9 million in seed funding. The investment round was led by Change Ventures (which backed Eurora) along with StartupIst VC, FFF.vc and the BADideas.fund, an early-stage angel syndicate led by founders and operators of companies such as Bolt, Vimeo, Shopify, Printify, Pipedrive, Deel, Bird, etc.
UK and European expansion plans
The funds will be used by RecruitLab to expand its operations to the UK and other European markets, triple its workforce, add new functionality to its platform, and enable recruiters to benchmark their activities and results against similar recruitment professionals.
Paavo Heil, the founder and CEO of RecruitLab, said: “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% of employers still use programs like Excel and Outlook to track applicants.”
Epp Sillaste, Head of People at KPMG Baltics, commented: “We chose RecruitLab as were on the hunt for a video interviewing tool also featuring other essential recruiting tools such as interview planning, talent pool capability mapping, automating interview scheduling and feedback e-mails, 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.”
Yrjö Ojasaar, an Investment Partner at Change Ventures, said: “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.”
Revolutionises recruitment with videos
RecruitLab was founded by Paavo Heil in 2020 in Tallinn, Estonia. It lets recruiters get actionable insights that will improve their performance, reduce spending, and gain data on which recruitment platforms are the most effective for sourcing specific candidates for particular positions.
It offers its clientele a video-recruitment platform that helps streamline and automate their recruitment processes, handle many more candidates while reducing hiring time by 50%, and improve the overall candidate experience. Its proprietary video interview platform simplifies and speeds up the pre-screening process of candidates through its asynchronous interviews function. The fully GDPR-compliant platform optimises candidate management, tracks progress and provides insight into project statistics, automates interview scheduling and feedback e-mails, integrates with recruitment channels, and creates professional job advertisements in minutes, including for social media.
The company has its clientele across the UK, Germany, Finland, Estonia, Latvia, and Lithuania and includes internationally known brands like DPD, Circle K, Tallink, and KPMG.