Madrid-based recruitment platform Circular has secured $10 million in new funds as it enters the UK market. The funding will be used not only for the UK expansion, as the company is also aiming to enter additional markets across Europe. Focusing specifically on the tech industry, the service offers companies access to talent pre-vetted by in-house recruiters at fast-growing tech companies.
Back in 2018, the UK tech industry was reporting, “Over 70% of technology employers are experiencing skills shortages,” and as we’ve seen over the course of the pandemic, these numbers have only risen, not only in the UK but globally.
The traditional recruitment cycle ends with a hard stop once a role is filled by a recruiter, this then leaves a number of qualified candidates hanging in the wind. Candidates who, for one reason or the other, just didn’t quite fit the exact role the company was looking to fill.
Circular enters the picture by providing these recruiters with a platform to share these candidates amongst their peers, thus providing a ‘circular economy’ approach to recruitment via talent sharing. According to the company, this recruitment network increases candidate conversion by a factor of 10x.
CTO Teo Ruiz explains, “The backdrop of the tech talent shortage means that many in-house recruiters are currently struggling to find the best talent. Now they can pool their efforts to help maintain a recommended flow of talent across the entire industry. Our network harnesses the power of trusted peer recommendations to create a faster and more effective way to find the best people.”
The startup counts names including Glovo, Ryanair, and Inditex having made successful hires via the platform, and as of its launch in London today has FORM3, Nested, and Dow Jones on board.
No word was provided on the stage of funding or when the $10 million was raised, only noting that support comes from LocalGlobe and Point Nine, investors in a 2019 seed round, as well as Kibo Ventures, All Iron Ventures, Quentin Nickmans of eFounders, Kima Ventures, and Shilling.
“We are huge believers in the power of community and the effects of recommendations and see huge potential when applied to recruitment which is why we’re excited to be supporting Circular on the next phase of its journey,” commented LocalGlobe’s Emma Phillips.
While Circular is quick to bang the ‘industry first’ and ‘entirely new’ drums, It’s worth noting that while taking a slightly different approach, Tbilisi-based Intrro is also focusing on recruitment via recommendations.