HiringBranch recently announced that it has secured $2.5 million in non-dilutive funds from BDC Capital’s Growth & Transition Capital division. BDC (Canada’s bank for entrepreneurs) is investing in HiringBranch’s mission to modernize legacy hiring processes with soft skill AI assessments that could replace interviews at scale.
HiringBranch plans to use the funding to drive growth while continuing to expand its AI capabilities. This funding round was led by Nicolas Beaudet, Senior Director, Technology Group, Growth & Transition Capital at BDC Capital.
This is the first round of funding for HiringBranch. The company was launched in 2017 as Stephane Rivard and Patricia MacLeod saw an opportunity to improve global hiring performance. And the solution they built uses AI to understand and measure the soft skills needed for a role.
Since being founded, the company has seen 300% customer expansion growth with Fortune 500 companies. Unlike most talent assessment tools, HiringBranch benchmarks top performer skills as a baseline to find similar skills in an organization’s candidates. They call this multiplying top talent.
HiringBranch also differentiates itself from the competition using tailored scenarios that mock on-the-job tasks while also setting job expectations for the candidate.
The company has also proven downstream efficiencies for global companies. For example, a Fortune 50 online retailer improved first call resolution by 900 basis points and drastically reduced unfavorable hire rates using HiringBranch. Another organization called Fundraising Direct cut interviews by 80%. Infosys and Bell Canada are among other customers working with HiringBranch at scale.
KEY QUOTES:
“HiringBranch’s solution is designed with today’s world in mind. It uses technology to solve many hiring problems, which is reflected in an impressive ROI for their customers. Supporting the growth of ambitious companies like HiringBranch is exactly what our GTC team is about.”
– Nicolas Beaudet, Senior Director, Technology Group, Growth & Transition Capital, BDC Capital
“We’ve proven that machines are impeccable and unbiased evaluators of skills in people. We’re grateful to BDC for enabling deeper R&D and expansion into more candidate roles and industry verticals. The implications are far-reaching, allowing our global customers greater efficiency, as they reduce interviews and improve hiring quality.”
– HiringBranch Co-Founder and CEO Stephane Rivard
