Meritocracy, the recruitment platform that automates the matchmaking process with innovative new technology, today announced €500k in seed funding from United Ventures.
Founded in 2013 by Riccardo Galli and Alberto Manassero, former colleagues of Economics at Bocconi University, Meritocracy optimizes the recruitment process with a proprietary technology which selects the candidates who best match the preferences of the company, automating the selection process and reducing the time and cost of recruiting activities. Meritocracy also offers businesses a platform for employer branding, enhancing the experience of job seekers and enabling businesses to attract the best candidates.
Today there are several client companies that harness the potential of Meritocracy, including Tesla, Moleskine, Tetrapak, Samsung, GroupM, MoneyFarm and Dalani.
The €500k seed funding from United Ventures will support technological developments, bolster Meritocracy’s presence in the Italian market and fuel expansion into the UK.
Research and Markets estimates the market for recruitment software for 2015 at € 1.6B. The data released by Linkedin, also highlights how B2B business is becoming increasingly important to the company – in 2014, their Talent Solution was the main source of revenues (compared to Advertising and Premium Subscriptions).
“The idea was born from the need to improve the process of job searching for users and to simplify recruiting activities for companies,” says Alberto Manassero, co-founder and CEO. “Meritocracy has created a portal offering companies the opportunity to describe their corporate culture via multimedia content such as pictures and interviews, enabling companies to communicate a clear vision of what that makes them unique and desirable as employers. We virtually journey prospective candidates into businesses prior to interviews, so as to significantly reduce the likelihood of false expectations.”
According to research by Linkedin, 83% of recruiters believe that investment in employer branding is the determining factor in attracting the best talent. Meritocracy activity confirm the research, generating a conversion rate from users that is 40% higher than average.
Meritocracy’s platform for employer branding offers proprietary technology that is able to comprehensively assess all the experience of a candidate, accounting for learning curves, skills acquisition dynamics, productivity trends, inspirations and more to find the right match according to the company’s preferences. Take for example, a company that wants to promote to candidates with diverse experiences and studies abroad, the system will automatically capture this information and select candidates that best meet those criteria.
By reducing approximately 70% of the time devoted to activity screening, Meritocracy is able to half the cost and time it takes to recruit for the best candidates.