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Leading on-demand digital interviewing platform provider, HireVue, Inc. announced the close of $22 million in funding including a $17 million Series C equity round, led by Investor Growth Capital, and an expansion of the company’s debt facility.
Granite Ventures, who led HireVue’s previous round, Peterson Ventures, who led HireVue’s A-round, new investors Rose Park Advisors, and the law firm of Wilson, Sonsini, Goodrich and Rosati also supported this round.
Fueled by the emergence of social and mobile recruiting, many companies now receive more than 100 applicants for a given position, and 68 percent of employers report that more than half of those candidates are not qualified for the position, according to the Talent Board’s Candidate Experience Report. What’s more, employers are confined by age-old means of screening and interviewing those candidates to narrow the field and find the right talent.
To streamline their hiring processes, more than 10 percent of Fortune 100 companies currently use the HireVue on-demand digital interview platform, and have reported a vastly improved and more convenient experience for their candidates while being able to screen exponentially more people in less time.
The HireVue cloud-based platform takes recruiting into the 21st century, making interviews available on-demand. Qualified candidates simply respond to interview questions at their own convenience from a computer, tablet or smartphone, and employers can then watch interview responses anytime, anywhere. Since responses are captured digitally, they can be objectively compared, rated and shared with other members of the hiring team.
“HireVue’s on-demand digital interviews are a game-changer for anyone who’s hiring. Already being used by hundreds of global companies and small businesses, HireVue’s quickly becoming the new digital standard for making interviewing a consistent, data-driven process,” said Phil Dur, managing director at Investor Growth Capital. “Leading this round of funding is an incredible opportunity for us to be an integral part of a company with tremendous growth potential.”
In previous rounds, the company raised a total of $6 million and has built its management team along with sales and support organizations to take the company to a new level of growth and expansion of its services. HireVue currently employs more than 60 professionals, and provides its services to more than 300 companies, including: Walmart, Nike, Starbucks, Dunkin Donuts, eBay, Nestle, GEICO, Dow Jones and more.
The influx of investment capital will be focused on strategic investments in research and development (R&D), sales and marketing, client services and global expansion.
As the series leader, Investor Growth Capital is a global venture capital firm backed by Investor AB, with offices in Menlo Park, New York, Beijing, and Stockholm. The firm manages an evergreen fund with more than 100 portfolio companies worldwide and assets exceeding $1.5 billion.