Milan, 21 October 2015 - Meritocracy, the platform that optimizes the recruiting process will use the raised funds for the development of the technology, to expand business internationally (especially in the UK) and establish itself on the market of software recruiting valued €1bn: these are the goals of the investment round of €500k made by United Ventures in Meritocracy.
Established in 2013 by Riccardo Galli and Alberto Manassero, former colleagues of Economics at Bocconi University, Meritocracy is a platform for employer branding that combines demand and supply of labor and allows companies to select the best candidates. With one goal: to optimize the recruiting process.
Thanks to a proprietary technology that is able to select the candidates who most closely match the preferences of the company, the platform automates the selection process and reduces the time and cost of recruiting activities. Meritocracy also offers businesses a platform for employer branding that enhances the user experience in the process of looking for work, attracting the best candidates.
Today there are several client companies that harness the potential of Meritocracy: among others, Tesla, Moleskine, Tetrapak, Samsung, GroupM, MoneyFarm and Dalani.
A market, that of software recruiting, which is worth€1.6bn in 2015 (Research and Markets). The figures released by Linkedin also highlight how the B2B business is becoming increasingly important for the company: in 2014 the Talent and HR solutions for the recruitment and staff selection have been the main source of income (compared to Advertising and Premium subscription), given an increase compared to 2013.
"The idea was born from the need to improve the process of job search for candidates and streamline the recruiting activities for companies," says Alberto Manassero, cofounder and CEO. "Meritocracy has created such a portal where companies have the ability to describe their corporate culture, thanks to multimedia content such as pictures and interviews. Helping companies communicate a clear vision of what makes them unique and desirable as employers, we carry virtually the possible candidates within the businesses, before the interview, so as to decrease significantly the probability of creating false expectations".
"Meritocracy, thanks to its technological assets, optimizes the recruitment process allowing you to find the best candidate for the company," adds Sergio Zocchi, Managing Partner of United Ventures. "Our investment is aimed at supporting the business to scale internationally and attack a booming market."
According to a research made by Linkedin 83% of recruiters believe that the investment in employer branding is the determining factor in attracting the best talent. The activity of Meritocracy witnesses it, generating a conversion rate from users 40% higher than average.
To the employer branding platform is added the proprietary technology that is able to comprehensively assess all the experience of the candidate, enhancing skills, interests and aspirations and finding the right match with the preferences of the company. If, for example, a company is used to promote candidates with diverse experiences and studies abroad, the system automatically captures this information and will be able to select the candidates that best meet the needs of the recruiter.
Meritocracy is able to accelerate and streamline the process of candidate selection so you can select the best profiles to half the cost and in half the time, reducing by about 70% the time spent on screening activity.
Meritocracy is a platform for employer branding that allows companies to tell their own values, their vision and their work spaces to attract the best candidates on the market. Learning from recurring behaviors of selectors, proprietary technology Meritocracy recognizes the preferences and attitude of the company in the process of recruitment, optimizing
timing and costs of the entire process.
United Ventures is a venture capital fund focused on digital technologies. Identifying and supporting disruptive innovations, it aims to turn them into international business processes through proactive investment. United Ventures is led by a team that has extensive experience and a strong track record in the investment industry, entrepreneurship and management.
In portfolio: MoneyFarm, LOVEThESIGN, 20Lines, Halldis, Cloud4Wi, BuzzMyVideos, AppsBuilder, MusiXmatch, Bad Seed, FaceIt, Kuldat and MarinaNow.