Talentory.com closes US$ 1.7m investment round with RITF fund managed by Black River Ventures11.12.2013 14:18
Russian Internet Technology Fund (RITF) managed by Black River Ventures has become a substantial minority shareholder in Talentory AG, the operator of a leading European online headhunting platform Talentory.com.
Talentory.com, the Zürich-based online headhunting platform, which presently serves over 1,000 European clients including a number of large regional and global employers with recurring talent acquisition needs, has closed CHF 1.5m (US$ 1.7m) Series B round of funding from RITF. RITF was established by Black River Ventures and Third Rome Group in early 2013.
Talentory intends to use proceeds from this round to further boost sales momentum underpinned by the innovative and disruptive business model, to accelerate the international growth and to enter new industries and geographies faster. At present, more than 2,000 specialised headhunters are registered at Talentory.com, making their portfolio of candidates available to more than 1,000 well-known employers in Germany, France, Switzerland including ones with regional and global presence, e.g. UBS, Deutsche Telekom, Henkel and Holcim.
Companies in Europe spend over estimated $10bn annually for recruitment of permanent staff including well over $1.5bn in search and placement fees related to external hires. Over 18,000 professional recruiters across Europe source candidates for Fortune 500 companies and small & medium enterprises as competition for highly skilled talent accelerates. The permanent recruitment market in the US is estimated at $12bn spent annually.
With its leading B2B online headhunting platform, Talentory covers all types of search needs for its clients – executive search, contingency search, talent research. For them, use of Talentory provides such immediate advantages as improved quality and reliability of headhunting suppliers, increased international sourcing power as well as substantial cost reduction compared to use of traditional B2C sourcing channels. For headhunters, Talentory brings a new powerful acquisition channel with hundreds of new customers. This eliminates the need to invest time in acquisition and contracting and allows to headhunters focus solely on proposing the best from their candidate pool.
The Managing Directors of Talentory AG, Marc Krummacher and Igor Putrenko, said: “ We are confident that with investment from RITF, we will be able to propel Talentory’s growth in current and new geographical markets”.