Wuzzuf.net, one of the leading job sites in Egypt, has raised a $6 million U.S. in a Series B funding round, which will be used to expand within Egypt and build the team.
The funding round was led by the European Bank for Reconstruction and Development (ERBD), Sweden-based Vostok New Ventures, U.S. firm Endure Capital and UK-based Kingsway Capital.
Wuzzuf will now focus on growing its operations both inside and outside Egypt, and taking on new employees. It will also focus on research and development as it looks to incorporate artificial intelligence (AI) and machine learning into its platform.
The site aims to to achieve 1 million hires by 2020, and the end goal isn’t to be only the No. 1 recruitment platform in Egypt, but to be the ultimate career destination for professionals and the key partner in every hiring manager’s success in Egypt. While this does sound like uniform marketing speech, the company does have lofty goals.
The latest update from Wuzzuf includes a revamped user experience for both employers and prospects including new profile features and design. The website will also launch an AI-powered assistant that ranks the most eligible candidates for headhunters.
Recently, Wuzzuf has secured the largest funding round by European Venture Capitals. It closed a Series B of $6 million US from the European Bank for Reconstruction and Development (EBRD,) Sweden-based Vostok New Ventures, Endure capital and Kingsway capital, in addition to previous investment from UK based Piton capital 500 Startups and Endure Capital. This is considered the largest fundraising round in for an Egyptian start-up for a long time.
“The website is currently operating and more user-friendly on smart phones. It has also become easier for people to apply for jobs and update their profiles. These are the updates that pertain to job seekers and had already launched last week”, CEO and Co-founder of Wuzzuf Ameer Sherif said. (LinkedIn Profile).
“As for companies, the upcoming weeks and with AI-powered assistant, the filtration process of applicants will be easier so the companies will have easier experience to reach the most suitable applicant”, he added.
Launched in 2012, Wuzzuf has become one of Egypt’s leading one job sites, and was also the first startup from Egypt to join the 500 Startups accelerator program in San Francisco in January 2014.
The site secured a funding of $1.7 million US in 2015, and in 2016 acquired Egyptian job assessment platform Virphi. Wuzzuf received 2.03 Million visitors in April 2018 (Source: SimilarWeb), while its main competitor 191 thousand visitors.