Free Recruiting Software Company Receives $5M Investment
SmartRecruiters, a startup looking to disrupt the online recruiting software industry by offering totally free user access, has received a major investment. The Mayfield Fund has invested five million dollars in the company, which was announced today.
With the ideology that “No Recruiter should ever have to pay for Applicant Tracking anymore,” Jerome Ternynck, CEO and Founder of SmartRecruiters, wants to turn a big industry on its head. The entirely free recruiting software system has a radically different business model than other companies in the space. The software is free for users; the company will build revenue through service partnerships.
Ternynck also told Recruiter.com, “We need to leverage technology to bring recruiting back to its root as a social activity.” The software is designed for ease of use and social connection, built from the start around social networking capabilities. It offers full job posting and applicant tracking functions, along with features designed for the reality of team-based selection and hiring. The software allows for a group within a company to easily comment and rate candidates in a collaborative environment.
The investors hope to combine Ternynck’s past industry success with a cutting edge, disruptive business model. “SaaS 2.0 has given rise to innovative companies like Marketo, and now SmartRecruiters is pushing the envelope further with a free and frictionless business model for hiring,” said Rajeev Batra, Partner, Mayfield Fund. “When you combine a serial entrepreneur with deep industry expertise like SmartRecruiters founder/CEO Jerome Ternynck, with a disruptive model, you can transform a market and build an impactful company.”