Hired, the recruitment platform that lets companies reach out to talent, has raised a $30 million Series D led by Investment Management Corporation of Ontario. Prior to this round, Hired raised $70 million in two Series C rounds in 2016. The Series D brings its aggregate funding to more than $132 million, according to Crunchbase.
Founded in 2012, San Francisco-based Hired was previously known as DeveloperAuction. Hired’s platform is based on the idea that companies spend too long searching and screening available talent and not enough time onboarding qualified candidates.
Initially, the company allowed engineers seeking jobs to post a profile on the site, with companies bidding on each candidate in an auction (though the candidates could turn down the highest bid). After its first auction, the young company reported that 142 startups submitted over $30 million in job offers through the site, according to Techcrunch.
Nowadays, full-time and freelance software engineers, product managers, data scientists, and designers can sign up on Hired’s site for free. Applicants fill out information about experience and salary expectations and submit an application to go live on the site. Using experienced recruiters and hiring managers, Hired does the initial screening and sourcing work for its companies, denying 95% of Hired applicants live access to its pool of employers.
With Hired, companies can look through new batches of live candidates each week, ask questions anonymously, schedule interviews, view competing salary offers, and hire candidates through the platform. (Candidates have the option to block current and previous employers from seeing their profiles.) With its “pay as you go” option, the company takes a 15 percent commission on the new employees first year’s salary. Hired’s subscription model allows companies to have unlimited access to the platform, paying one fixed cost per month.
“For our customers, a subscription provides them the hiring predictability that they need along with the ability to more quickly hire quality candidates, which reduces the cost of an empty seat and offers a better way to measure the financial success of their hiring efforts.” CEO Mehul Patel wrote in his blog announcement.
Since launching the subscription offering last year, Hired says that it has experienced 300 percent year-over-year bookings growth. It has ramped up its product offering with machine learning-powered candidate suggestion, job specialization, and Hired Insights to let customers view their overall performance data in the hiring market.
Hired plans to use its $30 million in fresh capital to build its product and sales team. Further, the company plans to “introduce innovative products that provide [its] customers with a predictable hiring pipeline—all while increasing productivity through data-based hiring insights,” according to Patel’s post. Additionally, Hired has recruited a new VP of Revenue, John Kelly, who will be focusing on launching future partnerships.
iStock Photo / zirconicusso
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