- Crosschq — a company that is focused on eliminating the problem of bad hires — announced it raised $4.1 million in a seed round of funding
Crosschq — a company that is focused on eliminating the problem of bad hires — announced it closed $4.1 million in a seed round of funding led by GGV Capital. Bessemer Venture Partners and individual investors Kevin Hartz (co-founder of Eventbrite) and Klay Thompson (Golden State Warriors) also joined the round.
This funding round will be used for re-inventing hiring for the modern workforce. And Crosschq’s mission is to use human insights to help businesses hire the right fit for the position, the company, and their culture. And by applying machine learning to identify outcome patterns, Crosschq creates a powerful predictive engine that ensures a great job match.
Crosschq had formally launched the platform in June 2019 and through its proprietary technology is reinventing the traditional reference check by expanding and automating the process, allowing for faster turn-around. And it provides more authentic responses with insights from an expanded reference graph along with real and consistent feedback that can be measured and qualified to ensure the best fit for a company.
“The hiring process is in dire need of disruption, and we believe Crosschq is well-positioned to change the way businesses recruit, hire, onboard and retain talent, while also providing candidates with more transparency and control,” said GGV Capital managing partner Glenn Solomon. “The company has already had an indelible impact on customers’ hiring processes during its beta phase, and we look forward to Crosschq’s continued success.”
Crosschq has been working with over 25 customers, including Eventbrite, NerdWallet, and Dialpad. And the company has processed thousands of references to date.
With a focus on Human Intelligence Hiring, candidates using Crosschq have a 99% “candidate satisfaction rate” with an average of 4.2 references each, twice the industry average. And Crosschq’s solution dramatically decreases the time to hire as 94% of reference requests are being completed in less than three business days instead of the days or weeks it typically takes.
“We are thrilled to add GGV to our investor roster and to have Glenn join David Cowan from Bessemer, Tony Scott (former CIO of the U.S.), and Rusty Rueff as trusted advisors to our company. Glenn’s experience helping companies like Slack, Zendesk, Square and SuccessFactors will prove invaluable as we continue to grow and bring about change in the hiring industry,” added Michael Fitzsimmons — the co-founder and CEO of Crosschq. “We are taking on an enormous problem in the industry – the issue of bad hires – which can impact a business for years to come. Our goal is to help build successful businesses by finding the right fit for a role, supporting both the company and the candidate.”
Crosschq’s new financing will be to support the company’s continued growth and investments in product and marketing with plans to double its headcount by the end of the year.