An Australian startup that created a self-described “Tinder style” app for job recruitment has announced it has secured $2.5 million of funding from some famous investors.
Found Careers, only two years into its existence, secured the latest pot from 20 of the 21 investors that chipped in for last July’s $1.5 million round.
With such solid repeat support, only two new investors were needed this time – MYOB chief executive Tim Reed and Dimmi founder Stevan Premutico, who will both also join the advisory board.
“We weren’t planning on fund-raising again this much and this soon. But it was a case of ‘we’ve got some really exciting early traction, we’ve got a corporate product ready to launch and we’ve got people who want to use it,” co-founder Andrew Joyce told Business Insider.
“And frankly, the investor base was saying ‘GO FASTER, GO FASTER’.”
In the space of a year, Found’s employer-to-employee matching platform has become a hit in the small business market with 250,000 app downloads, said Joyce, but an upcoming corporate version already has attracted engagement from a major supermarket chain and fashion retailer.
The smartphone app cuts out resumes, cover letters and emails by using user profiles and geography to match job candidates to suitable openings in the local area.
“We’re displaying jobs on [geographic] proximity at the moment… ‘Tinder style’ — here’s a job, are you interested? Yes or no?” said Joyce, adding that the mobile nature of the app appeals to the 16 to 35-year-old demographic.
“They’re early adopters – they’re very comfortable with mobile.”
Found Careers is aiming to be the definitive number two jobs platform in a market dominated for two decades by Seek.
“Seek’s had it easy for a very long time. They’ve made a very profitable business out of [recruitment],” said Joyce. “But there’s a real opportunity under them because there is no real second player.”
Found, based in Sydney, claims that 200,000 job applications are processed through its systems every month with positions from Sheraton, McDonald’s, Windsor Smith and Domino’s among the traffic.
According to IBISWorld, the recruitment and hiring industry in Australia is worth $11 billion as of January this year.