HiringBranch Secures $6M to Revolutionize Soft Skills Hiring
Deal News | Dec 10, 2024 | Credit Mutuel Equity SA
HiringBranch, an AI-driven hiring platform, secured a $6 million funding round, including a $5 million Series A led by Credit Mutuel Equity and a $1 million debt financing from CIBC Innovation Banking. The funds will accelerate the company's market penetration in North and Latin America, Asia, and the UK. HiringBranch's platform focuses on soft skills assessment using AI, reducing bias and eliminating the need for traditional interviews in high-volume hiring. The company boasts a 98% accuracy rate in measuring soft skills compared to 64% from other public datasets, driving transformative hiring processes for a fairer candidate evaluation. Credit Mutuel Equity supports HiringBranch's mission to enhance the hiring experience and improve decision-making for enterprises.
Sectors
- Technology
- Human Resources
- Finance
Geography
- Canada – HiringBranch is based in Montreal and Credit Mutuel Equity operates in Canada, influencing the geography classification.
- North America – The focus on market expansion includes North American regions.
- Latin America, Asia, UK – HiringBranch aims to penetrate markets in Latin America, Asia, and the UK, highlighting their geographical expansion plans.
Industry
- Technology – The core of the article revolves around HiringBranch's use of AI and proprietary datasets to transform the hiring process in technology-driven industries.
- Human Resources – HiringBranch operates within the HR sector by innovating recruitment processes through its AI-based soft skills assessments.
- Finance – The article discusses venture funding and financial participation from equity partners and banks, placing it within the finance industry.
Financials
- $5 million – Series A funding round led by Credit Mutuel Equity.
- $1 million – Debt financing provided by CIBC Innovation Banking.
- $6 million – Total funding secured by HiringBranch in the round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| HiringBranch | Target | Company | An AI soft-skills-based hiring platform focused on transforming recruitment processes. |
| Credit Mutuel Equity | Bidding Company/Buyer | Company | A private equity firm that led the Series A funding round for HiringBranch. |
| Export Development Canada | Investor | Company | A financial entity that participated in the funding round for HiringBranch. |
| CIBC Innovation Banking | Debt Financier | Company | Provided $1 million in debt financing as part of the funding. |
| Stephane Rivard | Co-Founder and CEO | Person | CEO of HiringBranch emphasizing the company’s mission and capabilities. |
| Assaf Bar Moshe | Chief Research and Development Officer | Person | Leads the research and development at HiringBranch focusing on AI accuracy. |
| Nina Ni | Associate at Credit Mutuel Equity | Person | Represents the private equity firm investing in HiringBranch. |
| Ludovic Andre | Managing Director at Credit Mutuel Equity Canada | Person | Oversees the investment strategy for Credit Mutuel Equity in Canada. |