Table of Contents
Introduction
Otta, one of the newest startups striving to fix what it views as a broken job search and recruitment market, has pulled up £850,000 in seed funding.
Supporting the young London association is LocalGlobe, along with several U.K. angel investors and founders.
The latter involves Paul Forster (co-founder of Indeed), Shakil Khan (an initial investor in Spotify), Matt Robinson (co-founder of Nested and GoCardless), Duncan Jennings (founder of VoucherCodes) and Carlos Gonzalez-Cadenas (COO at GoCardless).
The Story of Otta
It is established in June this year by previous Nested employees Sam Franklin, Theo Margolius, and Xav Kearney, all of who are 25 years of age or younger.
Otta desires to make it simpler to get suitable experienced jobs at fast-growing companies.
The startup achieves this by an online quiz, accompanied by a UI that gives you one potentially suitable job at a time, with a comparable algorithm claiming to get more personalized as you give feedback.
CEO Sam Franklin says that job seekers are disappointed by the amount of sound from most job search experiences.
LinkedIn responds to 25,000 software engineering jobs in London.
There is a very restricted opportunity to refine these results down to what you consider.
Plus, the references are obtained by how much companies are paying and not by what decisions are genuinely best.
He states that while serving at Nested, he would usually see engineers get 50 or more messages or emails per month from recruiters, and still, those engineers would never engage.
Understanding a little deeper, he was told that potential applicants felt they couldn’t rely on recruiters because they aren’t in your control.
He observed that they only push you to the positions where they have commercial contracts in place.
Since starting in August 2019, Otta states that “thousands” ofjob seekers utilizing the platform have shortlisted over 20,000 roles, although the company is still to try to monetize this engagement.
SEE ALSO: SoFi founder Mike Cagney’s previously well-funded latest startup is raising another $100 million
The Current Payment Model
They currently are not monetizing the platform, despite being questioned by loads of companies to assist them in recruiting for specific roles.
They have bound to only earning money in a way that enhances the experience for candidates.
So this implies that they won’t charge companies to post jobs, as they want candidates to see all the beautiful roles suited to them.
They also won’t let companies pay to manipulate their search results, as they want to show candidates their most suited roles first.
Conclusion
Otta is revolutionizing the job search process by providing a more personalized and efficient way for job seekers to find suitable roles, particularly in fast-growing companies. With its unique approach of using quizzes and an algorithm that refines job recommendations based on user feedback, Otta aims to cut through the noise of traditional job boards. Despite being a relatively new player in the recruitment market, the startup’s focus on improving the experience for candidates over commercial interests has garnered significant attention and support. As the company looks to expand, it is dedicated to enhancing the job-seeking journey while staying true to its candidate-first model.
FAQs
- What is Otta?
- Otta is a startup aiming to improve the job search and recruitment process by offering a personalized, noise-free platform for job seekers, focused on fast-growing companies.
- How does Otta’s job search platform work?
- Otta uses an online quiz and an algorithm that shows one suitable job at a time, refining its recommendations as users provide feedback, making the experience more personalized.
- How much funding has Otta raised?
- Otta has raised £850,000 in seed funding to support its growth and development.
- Who are the investors behind Otta?
- Otta is supported by investors such as LocalGlobe, Paul Forster (co-founder of Indeed), Shakil Khan (early investor in Spotify), and several other U.K. angel investors and founders.
- Is Otta monetizing its platform yet?
- Otta is not currently monetizing its platform. The company has chosen not to charge companies for posting jobs or manipulate search results based on payments, aiming to prioritize the candidate experience.
- What’s the vision behind Otta’s approach to recruitment?
- Otta aims to create a more transparent, personalized, and effective recruitment process by helping job seekers focus on roles that genuinely match their skills and interests, without the overwhelming noise of irrelevant job listings.
- How many roles have Otta users shortlisted so far?
- Otta reports that thousands of job seekers have shortlisted over 20,000 roles since its launch in August 2019.
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