Adway raises €10 million to help HR tap talent through digital ads and social media

Sweden's Adway has secured €10 million in series A funds from Octupus Ventures and its existing investors.

Headquartered in Gothenburg, Adway has built talent acquisition software with embedded tools for employers looking to make an impression with increasingly digitally-savvy users on social media.

Through its automated HR workflows, Adway aims to drive lower costs for each hire and also says its software helps diversify talent pools, while limiting the use of old employee hiring methods.

Adam Said, Octopus Ventures investment manager, said accessing top talent was a "growing problem for organisations globally", with greater competition for hires and talent shortages in certain labour markets.

"Millennials and Gen Zs are further relying on social media to build trust with future employers, and the pandemic has allowed companies to embrace flexible working," Said added.

Aside from Octopus Ventures, the Adway series A round also attracted existing investors Brightly Ventures and Spintop Ventures.

The proceeds will go to product development and fuelling Adway's plans for international expansion.