Toronto HR Company Raises $7 Million to Improve Hiring Software
As per the latest HR news, ClearFit, a company from Toronto announced the closure of their $7 million Series A round to improve their candidate automated hiring software and algorithms. The financing is being managed by Boston’s GrandBanks Capital along with Relay Ventures. The company’s co-founder and CEO Ben Baldwin said that this can help ClearFit to improve their business processes and overall growth, apart from the software system improvement.
ClearFit offers software-based candidate evaluation mainly to small businesses that are limited in their reach of hiring experienced candidates. The system works by evaluating the probability of candidates who could fit in the company on the basis of a questionnaire and a profile building process that takes only about 15 minutes to get completed.
According to Baldwin, the company’s predictive analysis techniques are at least five times better at anticipating candidate job success than the tools made by other businesses. This has been affirmed by the company’s own research. ClearFit also provides its clients with a free trial of their services for their first hired candidate. Speaking of pricing, it is expected to be the same as compared to the charges needed for traditional job posting in other online HR sourcing destinations. Thus, the service becomes affordable for small business customers who might have few reservations to change their manual hiring processes to automated ones.
The company’s main customer audience mainly consists of small business, especially those who want to adapt to new technologies for hiring the best candidates. This includes domains such as construction, retail, restaurants, hospitality, and many more. The company is also looking to staff up with engineering, marketing and HR coaching staff. The coaching positions are a relatively new addition in order to guide customers to navigate the transition to a software-based solution. The staffing approach of ClearFit mainly involves hiring young entrepreneurs who are looking for a revenue stream while building their own companies.
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