London-based Screenloop raises $7m for its hiring intelligence platform
Screenloop, the hiring intelligence platform that helps teams hit their recruitment targets faster whilst delivering an enhanced candidate experience, has raised a $7 million seed round. The investment was led by Stride VC with participation from Ludlow Ventures, All Iron Ventures, Passion Capital and angel investor Paul Forster, founder of job-seeking platform Indeed.
The new seed round follows an earlier investment of $2.5 million in December 2021, bringing the total raised to $9.5 million. The latest funding will be used for continued product investment plus research and development, with the goal of delivering a powerful end-to-end hiring intelligence platform. Screenloop will also continue its expansion into the US and new markets. The Screenloop team is growing with key hires being made across sales, marketing and engineering.
Founded in 2021, Screenloop was born from the shared frustrations and poor hiring experiences of its founding team whilst working as senior operators at fast-growth tech businesses - including Stack Overflow, Talkdesk, Revolut, Reachdesk, and ClearScore.
Anton Boner, Co-founder and Commercial Director, Screenloop: ''Our team is united in the belief that hiring is inefficient, outdated and unfair to candidates around the world. 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. Companies struggle to replicate their top performers and the cost of a failed hire is over $180,000. 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.''
Data from Glassdoor claims that 95 per cent of businesses have admitted to making bad hiring decisions and research from Yale found that 30 per cent of interviewers typically make their decision on a candidate in the first five minutes of an interview.
Screenloop’s end-to-end hiring intelligence platform currently 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 per cent 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.
Finally, ‘Success’ is Screenloop’s tech-enabled take on the highly manual referencing process which is outdated and inefficient. Success allows companies to understand more about the soft skills of their new hires and completes the reference process in less than 24 hours. The technology allows new hires to contribute faster in their new position and reduces the likelihood of failed probations. For one customer ‘Success’ saved its talent team one week per month to focus on other activities, with three hours saved per new hire.
Jay Radia, Co-founder and Chair, Screenloop: ''We have built a platform that can help all businesses to achieve their hiring goals faster by creating a world-class candidate experience. 80 per cent of employee turnover is due to bad hiring decisions 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.''
Screenloop has already received feedback from 100,000 candidates globally within 12 weeks and analysed over 1,000,000 minutes of interviews. The platform also reduces the average time to hire by three days. Screenloop is operating in Europe and the US, with an initial focus on fast-growth tech companies. Current customers include TrueLayer, Beamery, Reachdesk and GorillaLogic.
Gabbi Cahane, Partner, Stride VC: ''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.''