Montreal-based recruitment search engine Neuvoo has secured $53 million CAD (£33 million) in equity investment from The Caisse de dépôt et placement du Québec (CDPQ).
The amount of the minority stake this secures CDPQ in Neuvoo has not been disclosed.
Neuvoo operates in 77 countries globally, including the U.K. through neuvoo.co.uk. Neuvoo provides job seekers with job listings and a range of tools to find out salary expectations, the tax you are likely to pay for a range of salaries in jobs in a specific sector and even if the job searched for is likely to become automated in the future.
The funds will be used to continue its expansion into new countries and make improvements to its platform, which is based on artificial intelligence which helps Neuvoo integrate algorithms onto its platform to create an accurate inventory of online jobs.
“The UK market has always been a priority for Neuvoo and this partnership will allow us to move up a gear by continuing the development of our activity in the UK,” said Maxime Droux, co-founder of Neuvoo.
The investment is part of the CDPQ-IA Fund launched in spring 2019. It funds companies whose products are linked to the development and commercialization of AI.
Neuvoo is one of Canada’s fastest growing companies with annual revenues exceeding CAD$75m (£46m) and receives 70 million visits each month. It expects this to increase to over 100 million visitors by January 2020.
“We’re already noting exceptional growth in the UK, but this investment will allow us to take the business to greater heights at a much faster pace,” said Noura Dadzie, U.K. director.
“As AI and digital play increasingly vital roles in streamlining the recruitment process for recruiters, and candidates alike, we’re excited to be at the forefront of the tech evolution.”