GLASGOW-based recruitment technology firm Candidate.ID has won backing from a German investment firm as it eyes expansion.
The company said it has secured a six-figure funding boost from Berlin-based technology specialist Jacobo Invest UG to help accelerate product development.
Chief executive Adam Gordon said the investment reflected Jacobo Invest’s confidence in the potential for Candidate.ID’s talent pipeline management software to power strong growth. The software is designed to help firms identify people who could make good employees and to foster links with them. Jacobo Invest has taken a 10 per cent stake in Candidate.ID.
Andreas Burike of Jacobo Invest said: “Based on this company’s team, product and positioning, they have the opportunity to create expansive new market space in HR and that’s why we wanted to get involved early.”
Mr Gordon said the funding round followed a fantastic 12 months during which Candidate.ID won industry awards and took on new customers including IBM. Other customers include Specsavers and Nationwide
In November Candidate.ID announced plans to create 10 jobs after achieving strong growth in sales. Mr Gordon said then the company expected to complete a large fund-raising in 2019 to facilitate expansion in the USA and Asia Pacific.The firm has 23 employees.
A graduate of Strathclyde university, Mr Gordon founded Candidate.ID with Scott McRae in 2016 after working in recruitment, human resources and marketing for a range of firms including Norman Broadbent and PwC. Mr McRae trained in marketing at consumer goods giant Procter & Gamble before launching a consultancy.
A spokesman for Candidate. ID said the funding provided by Jacobo Invest would be used to develop machine learning algorithms to make its technology more intuitive and faster to use and to accelerate market adoption of it.
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