Recruitment Startup Circular Raises $10 Million, Set to Enter UK Market
Spanish recruitment startup Circular has successfully raised $10 million in the latest funding round. While the capital injection will be primarily utilized to expand into the UK, funds will also be allocated to enter other markets in the European region.
Circular predominantly focuses on the tech industry. Its services provide companies of all sizes with access to talent that is pre-vetted by in-house recruiters at fast-growing organizations.
Thus far, no official word has been provided on the stage of funding or the timeline regarding when the $10 million was raised.
However, some of the investors include Kibo Ventures, All Iron Ventures, Kima Venture, Shilling, Quentin Nickmans, LocalGlobe, and Point Nine.
SEE ALSO: DoorDash Announces Plans to Acquire Hospitality Tech Startup Bbot
How is Circular addressing the challenges with traditional recruitment?
The arrival of the pandemic has disrupted how many companies hire new resources. However, recruitment startups such as Circular have emerged to address the different challenges in the hiring process, especially in the tech industry.
Circular provides a platform that allows in-house recruiters at tech firms to share candidates with each other.
The idea here is very simple. If a company has not hired a specific candidate for whatsoever reason can recommend that candidate to other hiring professionals.
With this model, candidates get another chance to get hired by another organization while maintaining the flow of talent across the tech industry.
In the traditional recruitment process, a candidate reaches a dead end if they are rejected for the role or if the role is filled by some other candidate. This leaves a lot of candidates hanging, leaving them to start the entire process of looking for a job all over again.
This is where Circular enters the fray. It offers recruiters an excellent platform to share candidates with each other offering a ‘circular economy’ approach to recruitment with talent sharing.
According to Circular, building such kind of a recruitment network boosts candidate conversion by at least 10 times.
Teo Ruiz, CTO, Circular says that there is a dearth of tech talent, which is why a lot of companies are finding it difficult to recruit the best talent. However, with Circular, they can join hands with each other and maintain a decent flow of talent across the industry.
Circular’s network leverages the power of trusted peer recommendations to create an effective and faster way to look for the best talent.
SEE ALSO: Softbank Capital Infusion Takes E-commerce Firm Fabric’s Valuation to $1.5 Billion
Feature Image Source: rawpixel.com
