beWanted offers a fresh take on hiring in a competitive HR market. Here’s why we invested.
With a strong vision, team and product, beWanted is poised to become one of the most important resources for young job seekers and companies looking to hire talent.
JOIN Capital is thrilled to announce a €1.5 million pre-Series A round for the Spanish startup that is changing the way college students and recent graduates find employment. beWanted’s proprietary, AI-driven JobRank model displays best-fit candidates to companies based on an overall score match — one that takes into account the schools, courses, grades and other relevant data of the job seekers, as well as the needs of the hiring company.
beWanted already boasts a market-leader presence in Spain and Mexico, over 350,000 job candidates on its platform, partnerships with leading universities and major clients such as Metlife and BNP Paribas.
Why we invested
Our team at JOIN — along with other investors who have helped total beWanted’s financing to €2.5 million — believes strongly in the vision of founder Juan Torroba to transform the market with an intuitive service built on a powerful AI algorithm.
With this round, beWanted will focus not only on solidifying its JobRank system as the best model for categorizing candidates by potential employability, but also on the company’s expansion into Latin America and beyond.
Here’s why we invested:
Timing — Job fairs and boards have long been the only way to connect recent college graduates with relevant employment opportunities. beWanted is rapidly changing this by bringing in a scalable, digital model that aggregates student data, scores it and matches it to companies seeking talent.
Product opportunity — Considering the sheer number of startups in the HR space, we place great value on beWanted’s unique approach. There is no one else tackling the hiring process this way. Among startups that focus on culture fit, applicant tracking systems, etc., beWanted is carving out its own place in the chain with plenty of room for growth.
Team — beWanted CEO Juan Torroba is an exceptional entrepreneur capable of tackling the challenges that come along with disrupting an industry. We have backed his vision from day one.
Market fit — beWanted has gained a strong footing in Spain and Mexico, with more regions, including Germany, to follow. Clients such as Metlife and BNP Paribas trust in beWanted’s model to help them find best-fit candidates.
beWanted for a healthy recruitment ecosystem
The disconnect between a student’s college experience and entering the job world shouldn’t be as large as it is now. We believe in beWanted’s approach to close the gap.
The new model in which companies select and invited candidates reverses traditional methods of receiving hundreds of irrelevant CVs, and alleviates the challenges of all important players in the hiring process. Here’s how:
The candidate — Many candidates undervalue themselves or become intimidated by job requirements, which ultimately affects their decision on whether or not to apply. Instead of deciding for themselves if they are underqualified, companies decide with beWanted — taking into account various other factors incorporated into the candidate’s overall score. Candidates may receive offers from companies they never dreamed of applying to — or offers that they find interesting, but never would have thought about before.
Best of all, rejection and negative energy is never part of the equation. This helps to boost young candidates’ outlook on their value in the job market. beWanted also offers built in feedback mechanisms to help motivated candidates improve on their JobRank score.
The hiring company — No company should have to spend time on unnecessary tasks. This includes reviewing and responding to job seekers who are not the right fit. Utilizing beWanted means less time and resources wasted for companies looking to hire. It also means getting access to ambitious interns who can provide a valuable skill set in exchange for relevant experience.
The HR professional — Without having to sort through hundreds of emails, hiring managers get more social time with quality candidates. beWanted’s invitation-only approach frees up time for recruitment professionals, empowering them to do what they do best.
Learn more about beWanted on their website, or get in touch with us: firstname.lastname@example.org