Hired, the online marketplace that matches employers with top tech talent has raised $30 million in new financing to help turn its operation into a subscription-worthy business, TechCrunch wrote Wednesday.
The financing, led by Investment Management Corporation of Ontario, will support the development of the subscription model, offering hiring managers a steady stream of candidates.
Hired already collects data from job applicants in the form of profiles, resumes, and location details. Using a system of algorithms, the information is crunched into useful tools for employers, pointing them toward which candidates might fit best. Now, Hired wants employers to view it as an essential pipeline for quality job applicants.
As the company works to convince companies to pay a recurring fee for its services, competition for its use of data science will come from the likes of Recruit Holdings (which owns Indeed and Glassdoor), LinkedIn and Craigslist. Hired says it differentiates itself by reducing the time between finding and hiring a candidate. The company told investors the process currently takes 25 days, but it hopes to shorten that in future.
Founded in 2012, San Francisco-based Hired has offices in the U.S., Canada, France and the U.K. and touts 70,000 monthly applicants.