A self-described “Tinder for jobs” software startup has secured $1.9 million of new capital, and is helping the Australian Defence Force recruit more women into traditionally male positions.
Found, also known as Found Careers, received $2.5 million investment in March from the likes of MYOB chief executive Tim Reed and Dimmi founder Stevan Premutico, who joined the board of the startup
The same investors were involved in the latest capital raising, which took the total investment to $4.4 million for the year.
“The capital raise validates Found’s business model and demonstrates market faith in the changing behaviour of modern job seekers,” said co-founder Andrew Joyce.
“We’ve had a great response from employers and recruiters, where there’s a real desire for competition and new technology in a space that has changed little over the past 20 years.”
The Sydney startup, established in 2015, claims that 300,000 job applications are processed through its “no resume”, “no cover letter” and “no email” system each month, with employers such as Sheraton, McDonald’s, Windsor Smith and Domino’s searching for staff. The job seeker app, which is only available on iOS, has had more than 350,000 downloads.
The new money would be used to develop “exciting new technology”, according to Joyce, to be deployed over the next 18 months.
The most recent feature set, called diversity hiring technology, sees employers being able to target job advertisements according to a candidate’s gender, location, cultural background and even disabilities, which it claims as an industry-first.
“Found is the only platform that lets recruiters create ads for specific demographics, which are then shown only to their target audience,” Joyce said.
“This helps recruiters focus their efforts on the specific group of candidates they’re looking to reach, while helping job-seekers understand how a job they may not otherwise have considered is relevant to them.”
The Australian Defence Force is one customer using Found to recruit more women into traditionally male roles, to help the army fulfil its target of 15% female participation by 2023. The Air Force and Navy are aiming for 25% in the same timeframe.
“We’ve had fantastic results with the Defense Force so far,” said Joyce.
“Even in our first month, Found generated over 10 times more applications from women than all of the traditional recruitment channels combined, including incumbents such as Seek and Indeed.”
According to IBISWorld, the recruitment and hiring industry in Australia is worth $11 billion.
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