The proceeds will be used for its expansion plans.
Singapore-based AI hiring marketplace Snaphunt raised $1.36m in seed funding led by international data tech-focused VC firm BEENEXT to fuel its expansion plans.
The startup essentially acts like a recruitment agency but without a human recruiter, as it uses artificial intelligence solutions that match the jobs available to job seeker’s profile.
Employers can interview candidates easily and conveniently using pre-recorded interviews on the platform and save at least 30% of time spent on hiring, reduce hiring effort by more than 50% and lower hiring costs by as much as 99%, as compared to using recruitment agencies.
“We will be spending this investment on making some key hires and aggressively expanding our footprint in Singapore before extending it to other Southeast Asian countries later this year,” Tulika Tripathi, founder, Snaphunt told Singapore Business Review. Tripathi said that they spent almost two years in bootstrapping the business to build a product, as well as another year and a half for research and development Another six months was spent in running a beta test before taking it commercially live.
Snaphunt focused on white-collar hiring because there have been new specialist roles popping up in the last 3-4 years, according to Tripathi, adding that finding such roles for employers would be difficult as there were no set footprints on how to search for such talent. “So it really comes down to understanding competencies, understanding underlying skills to be able to find people for this role,” she said.
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