Silicon Prairie startup Loophire raises $300K seed round to disrupt the recruitment industry
Silicon Prairie startup Loophire, announced it secured $300K seed round to disrupt the recruitment industry, currently dominated by outdated processes. Loophire automates the menial and inefficient (but essential) components of hiring, eliminating the assault of irrelevant resumes through archaic job boards or the disproportional expense of outsourced recruiting.
Loophire's technology solution combines sophisticated algorithms that automate the initial match before giving each party the choice to pursue one another if the opportunity is right. Loophire is currently in an open round of Seed Funding. Angels of Nebraska introduced the company to the first investor in this round, U.S. Property led by Monte Froehlich.
For employers, Loophire goes beyond resumes to provide candidate assessments for skills, culture, and long-term fit, preliminary screening interviews, and customized services at performance-based pricing. For job applicants, Loophire provides career coaching, timeline and career growth transparency, and regular communication throughout the hiring process. The result is a high-touch, curated experience for both companies and candidates.
As the economy awakens from 2020, job vacancies have skyrocketed to higher than pre-pandemic levels. Worker confidence, however, has not rebounded as well. Loophire addresses that critical gap in the hiring process - applicant experience. With more than two-thirds of job applicants reporting they have been turned off by a bad interview experience, companies cannot afford to be disengaged or unresponsive in a competitive jobs market. Loophire increases the probability of hire by 65% from "Introduction" to "Accepted Offer" through their streamlined approach. Because they deliver results at a fraction of the traditional cost, even smaller businesses and the qualified candidates they hire can access a superior hiring experience.
Chris Jones, Founder and CEO, Loophire: "I've been impressed with Chris Jones and the team he's assembled to tackle this incredibly crucial challenge of sourcing talent within the hiring industry," said Froehlich. "If Loophire makes even just a dent in the issue, they will be saving companies countless hours and dollars. Monte's funding support and confidence further justify the solutions we are creating at Loophire and our mission to eliminate many of the inefficiencies associated with the hiring process."
The investment will serve to enhance the backend of their software and to expand the Loophire team in key areas to allow the company to scale both users and services. Since launching in February 2021 with pre-seed support from Omaha entrepreneur, James Manske, Loophire has quickly shown traction by securing national and local company contracts, attracting an impressive candidate pool, and facilitating more than 50 successful hires while steadily growing monthly revenues.