Swyg Raises 1M Euro Investment

Hiring Sep 09, 2020

Swyg is on a mission to reinvent hiring for the modern world.

Technology and automation have changed the way we do our jobs and even what jobs we do. The rate of this change continues to accelerate. Surprisingly, the way companies hire has not changed much in the last 50 years. As a result, today’s hiring practices are no longer fit for purpose. Both candidates and employers are frustrated.

Based on outdated assumptions, companies run biased interview processes, often unknowingly. This leads to bad hiring decisions and fierce competition over the same small group of candidates, which causes high turnover. At the same time, candidates struggle to navigate this broken system.

We’re delighted to announce that we’ve raised 1M Euro in equity funding in a round led by B2B venture capital firm Frontline Ventures alongside angel investors including Charles Bibby (Co-founder, Pointy) & Martin Henk (Co-founder, Pipedrive).

The funding we raised this year will enable us to strengthen our team and to further develop our product. The most exciting thing about the funding is that it takes us a step closer to our goal of creating a more fair and inclusive hiring process for all.

Our team, which includes experts in technology, psychology, and recruitment, has a deep understanding of the science behind bias and how bias can permeate the hiring process. This makes us uniquely qualified to solve this problem once and for all.

There is a lot of hype about using AI and automation in recruitment. Taking a pure AI approach to interviewing is wrong. AI tech is simply not ready to judge people directly. Companies will always want to hire people to do the work that computers and AI cannot do. So it’s unreasonable to expect an AI interviewer to do a good job testing those skills.

To solve this problem, we have created a unique hybrid approach that keeps people at the center. We include candidates in the interview process, in order to draw on a more diverse pool of interviewers and we incorporate interview best practices by design.

Candidates always interact with other humans. We use AI to make interviewing easier and to make interviews more effective. With active bias detection and correction, as well as Swyg Interviewer GPS, we can make anyone a great interviewer, even the candidates themselves.

As a result, we create an experience for candidates that is more transparent and more engaging. Moreover, every candidate gets feedback from us.

Swyg is not just about helping companies hire - it’s about fixing a broken system. We’re on a mission to make recruitment fair for all.

If you want to know more about our mission or our product, follow us on LinkedIn and Twitter or drop us a message on hello@swyg.com

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