London-based decentralised employee recruitment portal Job Protocol has announced a €1.5 million pre-seed round ahead of its official launch on November 8.
The decentralised part relates to smart employment contracts; using self-executing pieces of blockchain that make up keys and ensure the terms can't be altered once signed by the signatory parties.
Smart contracts are garnering ground in all areas of law - English and Welsh courts have seen them as legally watertight since March this year, though the EU wants to bring in a break clause in its forthcoming European Union Data Act, which could reduce the contract's immutability.
Job Protocol's core service works with companies to advertise new positions with a "recruitment bounty", which it says allows any recruitment company to access its ecosystem of recruiters, job boards, communities and other players.
It hopes Web3 is ripe for the labour market and digitising incentives to make hiring transparent, collaborative and efficient, particularly in an age where more and more companies bring on staff remotely.
Tioga Capital and Portal Ventures are putting up this pre-seed raise, along with Syndicate One and a slate of angel investors; Michele D'Aliessi (co-founder, real-time settlement platform Superfluid,) and Rudy Kadoch (Nested DeFi social trading) to name just two.
D'Aliessi's Superfluid has come on board to use Job Protocol for recruitment, as has Binance (crypto, more recently NFTs) and Gnosis (decentralised prediction market trading).