Investment fuels Moncton startup's mission to expand the growth of its platform designed to boost job seeker self-esteem and add a personal touch to hiring
MONCTON, NB, June 16, 2016 /PRNewswire/ - Qimple, an HR software company, backed by 500 Startups (Batch 12), with a mission to humanize online hiring by improving the way job seekers and employers interact, announced today that it has raised $1.1 million in seed funding. The round was led by the New Brunswick Innovation Foundation (NBIF), with participation from Green Century Investment. This round brings the company's total funding to $1.6 million. Qimple will use the funds to grow its team and further break-down the barriers associated with online hiring practices.
Qimple has impressed a multitude of tech and non-tech clients with its streamlined, yet humanized approach to hiring. Some of the company's clients such as, Audiobooks.com and CareGuide were so impressed with the results they achieved that they personally invested in the hiring software solution. "I was so impressed with Qimple's performance for Audiobooks.com's hiring needs that I decided to invest personally in the company," says Sanjay Singhal, the Canadian Venture Partner for 500 Startups and Founder of Audiobooks.com.
Qimple is approaching $1 million in revenue since company inception and has doubled its team to 12 people in the past three months. The product launched in 2015 as a quick and simple hiring solution. Today, the company has been strategically evolving away from traditional online hiring practices into a more comprehensive approach with a personal touch.
"Qimple understands the issues with online hiring and knows exactly what needs to happen to make it a better experience", says company Co-Founder and CEO Yves Boudreau, "the team respects that job searching can be a very emotional experience with feelings of stress, frustration and sadness." In fact, according to Gallup, over half (54%) of underemployed Americans are "struggling" due to stress and negative outlook of their future.
"Our platform boosts job-seeker self-esteem and we're proud to say that we receive daily positive feedback from job seekers on how rewarding and empowering the application experience is for them. Job seekers who are upbeat and optimistic perform better in interviews, are more likely to receive offers, and enter jobs ready to help their teams succeed. We're proud of the role we play in that," says Boudreau.
In addition, Qimple will soon be launching the world's first Resume Snapshot tool in an applicant tracking system. This feature will help hiring managers like never before.
"We know that hiring great people comes with its set of challenges, especially lack of time and resources to truly see if candidates are a great fit. The Resume Snapshot tool presents consistent information for all applicants with the most advanced resume parsing technology," says Boudreau, "hiring managers are now able to consume more information in a shorter period of time, and the playing field is leveled out for job seekers."
"We first invested $100,000 in Qimple two years ago as a startup—before they launched and started raising capital," says NBIF President and CEO Calvin Milbury. "Now that they've launched their product and are showing good market adoption, we're helping them to go from a start-up company to a scale-up company and accelerate their growth. The passion and commitment Qimple has for building a great product is unique and powerful. We are excited to be part of it and to be supporting the growth of the startup ecosystem in New Brunswick."
Also, Larry Liu, Principal of Green Century Investment, is delighted to welcome Qimple to their family of companies. "Qimple's mission stems from their deep-rooted company culture of constant learning, open-mindedness and collaboration. Yves is building a great team that will be a core part of Green Century's portfolio of companies. We are looking forward to supporting and participating in their growth and success!"
Qimple has been busy over the past year building a unique product that breaks down barriers and fundamentally improves the hiring experience. "We're excited to see how people will react to what we release in the future and are even more excited to see that our investors believe in our team and product so much," says Boudreau, "we are clearly doing something that is different and better for everyone."
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Based in Moncton, Qimple is a human resources software company operating in the $6 billion talent sourcing market, with the mission to humanize online hiring by improving the way employers and job seekers interact. Founded in 2014, Qimple has raised a total of $1.6 million in financing from investors such as, 500 Startups, New Brunswick Innovation Foundation, Green Century Investment and BDC Capital Inc. Learn more: Qimple.com
About New Brunswick Innovation Foundation
NBIF is an independent, not-for-profit corporation that invests in new growth-oriented companies and R&D activities. With over $73 million invested, plus $380 million leveraged from other sources, NBIF has helped to create over 97 companies since its inception in 2003. All of NBIF's investment returns go back into the Foundation to be re-invested in other new startup companies and R&D initiatives. Learn more: nbif.ca
About Green Century Investment
Green Century Investment Ltd (GCI) is a Canadian private equity and venture capital investment company located in Toronto, Ontario. As a strategic investor, GCI funds growth opportunities where we can add value in technology and innovation, real estate and alternative energy assets. Learn more: greencenturyinvestment.com