Screenloop raises $7 million to prevent poor hiring decisions
London-based hiring intelligence platform Screenloop has secured a $7 million seed round funding from Stride VC. The Screenloop provides applicant sourcing, interview analysis, and reference automation.
The lack of information available throughout the hiring process is a significant problem, particularly when it comes to intangibles or soft skills that interviewers find challenging to identify, according to Anton Boner, co-founder of Screenloop. In many cases, “poor hires,” employees who don’t pass their probation and leave the company because they don’t live up to expectations, are the result of companies need to hire workers quickly as they scale. These errors are expensive: just one unsuccessful hire might cost more than $180,000. The lack of information available throughout the hiring process is a significant problem, particularly when it comes to intangibles or soft skills that interviewers find challenging to identify, according to Anton Boner, co-founder of Screenloop.
To help businesses identify areas for improvement in their hiring process, Screenloop offers post-interview data analytics and candidate feedback. It gives interviewers on-the-spot coaching to enable them to ask enhanced interview questions, filtering out each candidate’s strengths and flaws. It educates them on unconscious biases that might be influencing their choices. One of Screenloop’s clients said that applying the software significantly decreased the number of candidates quitting the hiring process, accepting another offer, or withdrawing due to a pay gap, for example, by 60%. Before employing Screenloop, one client had an average of 1,800 candidates withdraw from their process over 30 days.
Since the talent war intensified, many businesses have emerged to support startups in the talent acquisition and recruitment market, including platforms for interviews, platforms for hiring, and platforms to eliminate unconscious prejudice. Screenloop has operations in the US, UK, and Europe. Some of its clients are open banking platform TrueLayer, talent lifecycle management platform Beamery, and software development company GorillaLogic. TestGorilla recently received a $70 million Series A for its test-based evaluation platform.
Although Screenloop claims to have developed a comprehensive “platform offering,” it faces competition from point solutions such as Brighthire (an interview intelligence platform), TalentHub (a tech recruitment firm), Starred (a candidate experience platform based in the Netherlands), and Meta view (an interview intelligence platform based in London).
To create a platform that spans the employment process from beginning to end, Screenloop will use the cash to make additional investments in its numerous products. Additionally, it will keep hiring in sales, marketing, and engineering as it expands into the US and new markets.