Shortlist raises funds from University Ventures, others1 min read . Updated: 19 Sep 2017, 10:14 AM IST
Shortlist plans to use the fresh $1 million capital mostly for technology development
Mumbai- and California-based Shortlist, an employment-tech start-up looking to streamline early- to mid-level hiring in India and East Africa, has raised $1 million from US-based private equity firm University Ventures and other investors.
Samir Shah, managing principal of Sattva Capital, Kenya-based seed fund Zephyr Acorn, global impact investor FARM Ventures and US-based Bodley Group also participated in the investment round.
The company plans to use the fresh capital mostly on technology development. Shortlist is a data-driven talent screening product that automates applicant vetting using online assessments.
Co-founded by Paul Breloff in 2016, Shortlist screens candidates using predictive chat-based interviews and online competency-based assessments, before presenting them to recruiters. It says it has expertise in scouting for roles in analytics, marketing, business development, sales, finance and operations, and has worked with over 80 companies.
“We believe that both jobseekers and employers deserve a better way to find each other and gauge fit. We’re thrilled to have a group of investors who share our desire to fix this broken talent marketplace, and believe the mix of expertise across India, East Africa, and the United States will add significant strategic value as we build on our early traction," Breloff said in a company statement.
According to estimates cited by Shortlist, 1 million people enter India’s workforce every month while Africa, according to the World Bank, will add more people to its job market in the next 10 years than the rest of the world combined.
“The shift from degree- and pedigree-based hiring to competency-based hiring has tremendous potential for employers, individuals, and overall economic growth," said Ryan Craig, managing director at University Ventures.