Tuesday
September 19
2017

Shortlist Raises $1 Million in Seed Funding to Help Employers Discover Untapped Talent Across Africa and India  

MUMBAI,  India  (September  19,  2017)  –  Employment  tech startup  Shortlist  today  announced  $1  million   in  seed  funding  from  US-based  private  equity  firm  University  Ventures,  Indian  angel  investor  Samir  Shah   of  Sattva  Capital,  Kenya-based  seed  fund  Zephyr  Acorn,  global  impact  investor  FARM  Ventures,  and  US- based  investor  Bodley  Group.  Shortlist  will  use  the  funds  to  enhance  its  data-driven  talent  screening   product,  which  automates  applicant  vetting  using  online  competency-based  assessments.

Recruiting  and  talent  management  is  a  core  challenge  facing  growing  businesses  in  emerging  markets.   Over  1  million  people  enter  India’s  workforce  each  month,  and  the  World  Bank  estimates  that  Africa  will   add  more  people  to  its  job  market  in  the  next  ten  years  than  the  rest  of  the  world  combined.  Given  this   volume  of  jobseekers,  companies  are  typically  left  to  sort  through  hundreds  of  applicants  for  a  single  job   opening,  relying  mainly  on  CVs  and  personal  connections  to  guide  decisions  on  who  to  meet  and  hire.

“The  single  biggest  challenge  for  growing  companies  is  finding  the  right  talent  to  scale,”  says  Paul   Breloff,  co-founder  and  CEO  of  Shortlist.  “We  believe  that  both  jobseekers  and  employers  deserve  a   better  way  to  find  each  other  and  gauge  fit.  We’re  thrilled  to  have  a  group  of  investors  who  share  our   desire  to  fix  this  broken  talent  marketplace,  and  believe  the  mix  of  expertise  across  India,  East  Africa,   and  the  United  States  will  add  significant  strategic  value  as  we  build  on  our  early  traction.”

Shortlist  helps  companies  in  India  and  East  Africa  hire  for  early  and  mid-career  roles  based  on   demonstrated potential and  skill,  rather  than  pedigree.  The  startup’s  unique  technology  creates  a  single   application  flow  to engage  candidates across  a  company’s  sourcing  channels,  including  job  boards,   referral  programs,  and  existing third-party  recruiters.

Shortlist  then  screens  these  candidates  using  chat-based  interviews,  online  competency  assessments,   and  other proprietary  tools  that  predict  how  candidates  will  perform  in  a  particular  role. Employers  then   receive  access  to interview-ready  candidates,  streamlining  the  often  time-consuming  and  bias-prone   phases  of  hiring,  and  ultimately  only engaging  with  the  applicants  who  possess  the  right  ability,   experience,  and  fit  for  their  teams.

“Over  the  past  century,  we’ve  become  much  more  efficient  in  figuring  out  how  to  allocate  physical   capital.  Over  the  next  decade,  we  will  see  a  revolution  in  how  we  allocate  human  capital,”  says  Ryan   Craig,  author  of  College  Disrupted:  The  Great  Unbundling  of  Higher  Education  and  Managing  Director  at   University  Ventures.  “The  shift  from  degree-  and  pedigree-based  hiring  to  competency-based  hiring  has   tremendous  potential  for  employers,  individuals,  and  overall  economic  growth.  University  Ventures  is  proud  to  partner  with  Shortlist,  which  in  a  short  period  of  time  has  become  a  leading  competency   marketplace  in  emerging  markets.”

Since  its  launch  in  early  2016,  Shortlist  has  partnered  with  over  80  companies,  including  Ather  Energy,   M-KOPA, MicroEnsure,  and  Xynteo.  Nearly  200,000  jobseekers  have  engaged  with  the  Shortlist  platform,   where  they  are  able highlight  their  strengths  and  be  considered  for  jobs  based  on  demonstrated   potential  and  fit,  not  merely  their educational  background  and  formal  work  experience.  Shortlist  has   previously  received  funding  from  AHL  Venture Partners,  Blue  Haven  Initiative,  the  Shell  Centenary   Scholarship  Fund,  and  Shell  Foundation,  and  was  a  winner  of  the ANDE-Argidius  Talent  Challenge.

“Recruiting  has  been  a  challenge  over  my  career  and  finding  the  right  talent  for  a  role  is  demanding  and   time  consuming  for  nearly  all  companies  in  which  I’ve  invested,”  says  Samir  Shah.  “Knowing  the  co- founders  for  many  years,  I’m  excited  to  see  the  team  come  together  to  build  a  much  improved,  tech- enabled  solution  for  companies  that  want  to  hire  the  best  without  the  stress.  I’m  thrilled  to  support  the   Shortlist  team.”

Source: Press Release

Categories
Technology
Tags
employment, skill development