Screenloop, a startup using data and automation to speed up the hiring process, has raised $7m (£5.7m) in seed funding.
Hiring can be a complex process for businesses, particularly in the tech industry, where there is such an intense pressure to scale up rapidly. This can lead to rushed hires where the ideal candidate is missed out on.
Headquartered in London, Screenloop is aiming to solve this issue. By using data analytics, the company claims to be able to quickly determine the best candidates, with insights collected that often go unnoticed in the traditional hiring process.
“CVs only tell so much about a candidate, and with the majority of interviewers in organisations having little or no training, there is a skill gap to identify who is most suitable for a role,” said Screenloop co-founder Anton Boner.
Boner warned that a failed hire – that is, a hire who doesn’t pass the probationary period – can cost companies as much as $180,000.
“We have all been hiring managers and candidates, and we know the hiring process is broken. It’s difficult to track and measure, meaning there’s a lack of insight into what to improve and what to prioritise,” Boner said.
Screenloop provides hiring managers with data-driven candidate feedback after an interview. It also claims to improve the quality of the interview with coaching, tips and real-time prompts for those conducting them.
Another issue the startup is trying to reduce is the unconscious bias present in some hiring managers, by flagging potential biases that might have an effect on the final choice.
The funding round was led by Stride VC, with participation from Ludlow Ventures and All Iron Ventures. The seed fund also saw reinvestments from existing investors Passion Capital, RLC Ventures, Monzo founder Tom Blomfield and Indeed founder Paul Forster.
The company’s last funding round was back in December 2021, with an oversubscribed $2.5m (£1.9m) fundraise.