Transforming digital recruiting — Why we are backing verlingo
Hip Hip Hooray, First Momentum is backing verlingo, the startup that finally makes work certificates transparent!
We are proud to announce our investment in the AI-startup verlingo, which aims to transform HR processes. Addressing the needs of businesses and private customers, their dataset and automated machine analysis scans reference letters and converts them into feasible grades.
Experiencing a “war of talents” and an increasing shortage of skilled labor, businesses are forced to focus on better user experience for applicants. Due to time-consuming and frustrating online forms, the application jump rate is 60% and this is still rising (Source: Handelsblatt). Ultimately, digital solutions will change the recruiting processes. The startup verlingo has recognized the trend and is working hard to streamline the application process.
“Companies need compellingly lean, candidate-friendly recruiting processes that enable well-founded and quick recruitment of the best candidates. Our solution empowers HR professionals to rate applicants faster and more objectively”, explains verlingo’s CEO Stephan Akrong.
In the current transition phase from analog to digital recruiting, the ambitious team has the opportunity to establish itself as a key partner for businesses in optimizing their application processes. On the one hand, through the improvement of the candidate experience and, on the other hand, through the intelligent, automated creation of standardized applicant profiles. The applicant simply uploads his application documents by dragging and dropping on the respective website of the company and has thus applied within a few minutes. Outdated and time-consuming application forms are completely eliminated. The uploaded application documents are then classified, structured and analyzed.
Why we chose to invest
We believe that the founders created a highly interesting product for Human Resources. Their strong technological foundation and already established market access enabled them to record impressive growth and turnovers since the launch in early 2018: Since then, more than 5,000 job references have been analyzed and evaluated — with an upward trend (statistic 2019 verlingo).
“With their first product, an AI-based certificate analysis, the team at verlingo already demonstrates its ambition to radically modernize application processes through machine learning. With First Momentum, we are investing to pave the way for more groundbreaking developments.”, states Karl Lorey, co-founder of First Momentum Ventures.
We are really looking forward to working with this inspiring, strong team — while providing some extra momentum. Welcome to the First Momentum Family, verlingo!
As a pre-seed investor, we help your startup to gain its first momentum by backing you with a first investment as well as world-class mentoring, a strong community, and the required know-how. Read more at firstmomentum.vc, stay up-to-date with our newsletter or get in touch through Twitter, Facebook or LinkedIn