HiringBranch Secures $2.5M in Funding Round Led by BDC Capital to Revolutionize HR
MONTREAL, QC October 4, 2023 / HiringBranch announced today 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 can replace interviews at scale.
HiringBranch intends to use the financing to fuel growth while continuing to expand its AI capabilities. This financing was led by Nicolas Beaudet, Senior Director, Technology Group, Growth & Transition Capital, BDC Capital. “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.” says Beaudet. “Supporting the growth of ambitious companies like HiringBranch is exactly what our GTC team is about.”
This is the first financing round for HiringBranch. The company was founded in 2017 when Stephane Rivard and Patricia MacLeod saw an opportunity to improve global hiring performance. The solution they built uses AI to understand and measure the soft skills needed for a role.
Since launching, they have 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 by means of tailored scenarios that mock on-the-job tasks, while also setting job expectations for the candidate.
The company has proven downstream efficiencies for global companies. A large Fortune 50 online retailer improved first call resolution by 900 basis points and dramatically reduced bad hire rates using HiringBranch. Another organization, Fundraising Direct, cut interviews by 80%. Infosys and Bell Canada are among other customers working with HiringBranch at scale.
The company’s Co-Founder and CEO, Stephane Rivard says, “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.”
About HiringBranch:
HiringBranch is a hiring assessment and training AI solution helping the global human resource teams hire and retain customer-facing talent, confidently. HiringBranch is the only volume hiring solution to assess candidates beyond language and correlate employee performance to soft skill assessments for dramatically better hiring. The result is 90% lower hiring costs and under 1% bad hire rates. Founded in 2017 and headquartered in Vancouver, Canada, the company is 20 people strong with a focus in R&D and customer success. The company touts customers large and medium-sized like Bell Canada, Infosys, Carelon and Fortune 50 online retailers serving retail, sales, financial and technology industries.
HiringBranch is committed to operating fairly and fostering diversity & inclusion globally for its customers through its unwavering unbiased technology.
Learn more at www.hiringbranch.com.
About BDC Capital:
BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity as well as ownership transition solutions, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
SOURCE: HiringBranch
