Screenloop, a London-based hiring intelligence platform, which offers candidate sourcing, interview analysis and reference automation, has raised $7 million in a seed funding round 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 startup will use the latest funding to invest more in its various products, with the aim of delivering a platform that covers the hiring process end-to-end. It will also continue its expansion into the US and new markets, and will continue to hire across sales, marketing and engineering.
Co-founded by Anton Boner, Jay Radia, João Leal, Nuno Saldanha and Rodrigo Santos in 2021, Screenloop is an end-to-end solution to enhance the experience for candidates, interviewers and businesses - ensuring companies can hire high-quality talent at scale. The platform uses data and artificial intelligence (AI) to identify gaps in the recruitment process, leverage candidate feedback, and provide real-time coaching for interviewers to conduct better interviews and remove unconscious bias from decision making.
Speaking about the company, Co-founder & Commercial Director, Anton Boner, said:
"Our team is united in the belief that hiring is inefficient, outdated and unfair to candidates around the world.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 $180,0001."
"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", Boner noted.
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.
Adding about the platform, Co-founder & Chair of Screenloop, Jay Radia, said:
"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 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.”
The company claims to have 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. Its customers include open banking platform TrueLayer, talent lifecycle management platform Beamery and software development company GorillaLogic.
Commenting on the funding, Gabbi Cahane, Partner, 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."
Last year in December, Screenloop had raised $2.5 million from Europe’s top founders of Blissgrowth, Passion Capital, GTMfund and RLC Ventures. The startup's latest funding brings its total raised to $9.5 million.