Aussie Recruitment Marketplace RecruitLoop Closes $500,000

Aussie Recruitment Marketplace RecruitLoop Closes $500,000 Seed Round To Fund American Expansion

In its mission to democratize the recruitment industry, Australian start-up RecruitLoop has just closed a $500,000 seed round to establish its hiring marketplace in the United States.

Believing that there should be an easier, and more affordable, way to use recruiters to fill job vacancies, in January, 2011 Michael Overell quit his job as a McKinsey & Co analyst and, with Denis Zubkov, Paul Slezak, angel investor Garry Visontay, founded RecruitLoop. Their vision has received its first major financial validation from a geographically and professionally diverse group of investors; consisting of boutique Russian VC firm The Untitled VC, Singapore-based Microsoft executive Todd Forest, and a recruiter. Leaving his native Australia, Overell recently re-located to Silicon Valley to promote the platform to independent and freelance recruiters in America.

Overell claims the site offers recruitment services at 10 percent of the traditional cost, and undercuts the incumbents by using a series of tools and processes to commoditize the hiring process. This includes a zero-commission model where services are instead charged by the hour; the ability to pay for what you need; provide feedback on recruiters; and video-screening candidates.

[Source]