nPloy, a Sofia-based HR tech company that transforms job searching into job matching, recently announced that it has raised €2 million in a seed funding round led by the local VC firm Morningside Hill setting the goal of expanding the platform to Central and East European countries.
According to a press statement, the firm plans to use the funds in its strategy to focus on geographical growth, targeting a presence in ten new markets by end-2023, to be followed by a Series A investment round, nPloy, which is owned by New Highers JSC.
Founded in 2018, nPloy directly matches and connects candidates and employers based on the dating apps model. Its algorithm matches talent with companies based on mutual expectations and requirements. Hiring teams get access to a diverse database and a modern approach to finding talents. Meanwhile, candidates enjoy features that make finding the right job simpler. The platform also has a feature that means people don’t have to actively search for a job – companies can apply to people in a switch-up of the traditional model.
The app’s smart algorithm shows the candidates only job ads that meet all their requirements, including salary. It also lets users know whether their application has been reviewed, approved or not – addressing a common frustration with job seekers.
Sharing about the company, Co-founder of nPloy, Konstantin Tsonev, said in a statement:
"Mass online job posting platforms, not only in the Balkans, but also in Europe, are often clumsy and inefficient. This is exactly what we want to change with nPloy, having successfully built an innovative job-matching platform based on the dating apps models. We’ve replaced the standard pre-screening process with an AI algorithm allowing users to see only vacancies relevant to their experience and requirements, and employers to source the right candidates more efficiently."
As with dating apps, if there is a mutual feeling of interest between the company and candidate, a chat automatically opens between the two parties and a video interview can be scheduled. The Bulgarian startup also offers the possibility for candidates to follow tailored news, join clubs with like-minded people, and various types of career-related online events. Currently, it counts over 85,000 users and over 500 employers, including BIC, SAP, Lidl, and Postbank.
Adding further about the platform, Director of Business Development, nPloy, Maria Petrova, said:
"nPloy’s goal is to make things easier. Job finding doesn’t have to be such a complicated and slow process when there are modern technologies to solve these problems. In a market with low unemployment rates and growth in job openings, candidates don’t want to waste time in a couple of interviews just to find out that their financial expectations don’t even meet, for example. Any difficulty, delay and inefficient processes turn down a large number of applicants. This is where nPloy comes in – you create a quick profile and you can immediately apply or wait for an employer to send you a match request for a suitable position."
Commenting on the funding, Managing Partner, VC firm Morningside Hill, Pavel Velkov, said:
"We invested in nPloy because we believe in the urgent need of transforming the recruitment market in Europe. Every good idea needs a great business plan and people who are passionate about its implementation, and nPloy has exactly that."