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Australian recruitment marketplace start-up RecruitLoop has raised USD 500,000 to fund its expansion plans and open an office in the US, according to Startupsmart.com.au. Founded in 2011, RecruitLoop allows recruiters and employers to simplify the recruitment process using a less expensive fee-based model.
Michael Overell, co-founder and chief executive, told StartupSmart: “The funding will help us grow more quickly and prove our model, which is a 'first' in the recruitment industry. We are focused on establishing our base in the US market, while continuing growth in Australia and the Middle East. We're deliberately pursuing a 'dual base' strategy, with offices in both San Francisco and Sydney. We'll always be an 'Australian' company, and will use our initial base here to drive growth through Asia.”
The company’s website claims to help companies avoid “outrageous recruitment fees”. Overell claims that RecruitLoop offers recruitment services at just 10% of the traditional cost, and undercuts rival firms by using a series of tools and processes to commoditise the hiring process. This includes a zero-commission model where services are instead charged by the hour.
The seed capital is coming from six investors, including Todd Forest from Microsoft, a Russian seed fund and a recruiter based in the Middle East. The funding will enable their continued international expansion and be primarily invested in launching a San Francisco-based office.