What was the catalyst for launching Screenloop?
The cofounders have all been hiring managers and candidates over the years and we all felt like the hiring process was broken. We were united in the belief that hiring is inefficient, outdated and unfair to candidates around the world.
For businesses, it is difficult to track and measure how well your process is performing, meaning there’s a lack of insight into what to improve and what to prioritise. Companies struggle to replicate their top performers and the cost of a failed hire is over $180,000. We started thinking of ways to fix this.
Tell me about the business?
Screenloop is the hiring intelligence platform that uses data and artificial intelligence (AI) to identify gaps in the recruitment process, leverage candidate feedback, and provide real-time coaching for interviewers to conduct better interviews and remove unconscious bias from decision making. We have customers in Europe and the USA including fast growth tech companies such as TrueLayer, Beamery, Reachdesk and GorillaLogic. Businesses that are hiring and want to offer an amazing candidate experience, whilst being able to hire the very best talent, know that Screenloop is a great solution for them.
How has the business evolved since its launch?
We were founded 2021 and went to market six months ago. We have paid close attention to the market and our customers. We set out to build a platform with multiple products so that talent acquisition (TA) leaders no longer have to use multiple tools but also to bring all of the data from these tools together. This is crucial for TA leaders, so we now have four main products as part of our platform.
‘Pulse’ enables automated candidate feedback on the organisation’s recruitment processes and uses it to identify and provide tailored recommendations for improvement using AI, enabling businesses to hit their hiring goals faster.
‘Interview training’, provides modern shadowing and real time coaching through AI to enable interviewers to ask better questions as well as remove subjectiveness and unconscious bias in decision making. Screenloop’s ‘Interview Intelligence’ allows businesses to collaborate quicker and make decisions faster.
Finally, ‘Success’ is Screenloop’s tech enabled take on the highly manual referencing process, which is outdated and inefficient. Success allows companies to understand more about the soft skills of their new hires, and completes the reference process in less than 24 hours. The technology allows new hires to contribute faster in their new position, and reduces the likelihood of failed probations.
How are you funded?
We have just raised a $7M seed round. The investment was led by Stride VC with participation from Ludlow Ventures, All Iron Ventures, Passion Capital and angel investor Paul Forster, founder of job-seeking platform Indeed.
The new seed round follows an earlier investment of $2.5M in December 2021, bringing the total raised to $9.5M.
What has been your biggest challenge so far?
Searching for product market fit. We overcame this challenge by sticking close to our initial customers, constantly getting their feedback and ensuring that we paid attention to the market. We also made sure we surrounded the business with industry leading experts in the TA, DEI and GTM spaces.
How does Screenloop answer an unmet need?
We give talent leaders visibility into previously unknown data, analytics and feedback throughout the hiring process. This enables them to make informed decisions on how to improve their candidate experience and where to focus their efforts when it comes to interview training.
What’s in store for the future?
We will look to roll out more products/features and continue to tie these together with valuable data for TA leaders around the world whilst also helping candidates get the roles that are right for them and that they deserve.
What one piece of advice would you give to future founders?
Keep evolving and listen to your customers. If the idea you started with needs to adapt and change or make a full pivot, do it and do it now rather than waiting.
Anton Boner is cofounder and commercial director for Screenloop.
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