ModernLoop raises $9M to supercharge recruiting operations in every hiring environment
When we first started working on ModernLoop back in early 2020, we couldn’t have imagined how much the world would change. Teams are being asked to accomplish more with fewer people, so they can remain agile and competitive. Recruiting teams still need to do their strategic work while also balancing tasks like interview scheduling, gathering feedback, and moving processes forward. Recruiting coordinators face a bigger burden with fewer resources.
Companies have turned to ModernLoop to manage this transition, as we give recruiting a way to be more efficient and save time with fewer resources. To support our expansion to more businesses, we’ve raised $9M in Series A funding led by Accel with participation from Webb Investment and Quiet Capital, as well as enterprise technology visionaries like Slack CEO Stewart Butterfield and Zoom CEO Eric Yuan.
Since our seed announcement in October, we’ve seen exciting growth – all of which can be attributed to our amazing team which has already doubled in size since our last announcement. We’ve tripled the number of businesses working with us and helped schedule over 100,000 interviews — this represents thousands of hours of work given back to employees.
We’re also excited to share that we’re launching a new version of one of our core product features: Interviewer training.
In the past year, we’ve been able to help our customers train over 300 new interviewers and are excited about the improved experience we can provide with our new version of interviewer training.
Untrained interviewers are one of the biggest barriers to team growth because if a candidate has a bad experience, they’re less likely to accept an offer. Untrained interviewers can also lead to poor hiring decisions and expensive mishires. By using ModernLoop training modules to build up trained pools of interviewers, companies can give candidates a consistent and great interviewing experience as well as a shortened time to hire by ensuring there is always enough interviewer capacity to schedule the next round of interviews as soon as possible.
And as a bonus, interviewers get a great experience too, since they can all share the load of interviewing with ModernLoop’s interviewer load balancing scheduling algorithm. Talent leaders and hiring managers will feel at ease knowing there is an automated system that is training up interviewers in the background in a consistent, reliable, and automated way.
We’re amazed to see what our customers have accomplished with our product. With our seed round, we shared how we helped Chainalysis grow headcount from 200 to 300. Now, they’ve hired an additional 350+ employees with the continued support of our product.
Meanwhile, Brex has cut the industry standard ratio of recruiting coordinators to recruiters in half. Before using ModernLoop, each coordinator supported four recruiters – with our product, each coordinator can support seven recruiters. Because we eliminate so much of the tedious work that consumes their day, they’re able to take on almost double the work.
We’ve been completely focused on product and engineering up to this point a majority of our customer growth has been organic. The latest funding will allow us to make our first go-to-market hires in areas like sales and marketing, while we continue to invest in building the best technical team in the industry.
Today’s news is just a small step on our journey to transform recruiting operations so that companies can achieve their biggest ambitions. If you’re interested in seeing our product in action, sign up for a demo. If you’re as passionate about what we’re building as we are, check out our open roles and apply today – we promise you’ll have the easiest scheduling experience you could imagine!
Consider implementing a talent technology solution – you’ll be in good company.
As the talent acquisition landscape has been rapidly changing over the past few years, the market is seeing consolidation and with it, new tools bringing innovative solutions.
At the same time many companies have been feeling the effects of the changing market and workforce and are looking to stay ahead of trends.
To bridge this gap, automation through talent technology tools has increasingly become a smart, cost effective option to help growing companies adapt to fill in the gaps, improve their processes and do more with less budget.
That’s how ModernLoop was born!
- Improves interviewer quality and takes the grunt work out of interview training.
One of the most valuable results of training interviewers is preventing the costly mistake of a mishire by not having fully calibrated interviewers on the interview panel. Candidate debriefs become more decisive and result in good decisions when you have confident interviewers who know what they are assessing for.
“The more interviewers understand what they’re looking for and how it fits into the larger picture, the more effective they can be.” – Google Re:Work
Our goal is to help you improve interviewer quality by taking the grunt work out of growing your pool of trained interviewers. We make it easier for you to focus on what matters by eliminating manual tasks through automation and implementing smart scheduling technology to training schedules!
- Increases efficiency by enabling your talent team to manage the entire training process in one place - while keeping stakeholders in the know.
No more switching back and forth between tools and calendar views. Automatically schedule shadows and reverse shadows, track progress, request feedback and graduate trainees all from the same place.
We keep you in the know so you never have to guess, track people down or use spreadsheets to track information. Our system also measures training progress and integrates approval steps – so you’re in control and your stakeholders will always know where their people are in the process.
- Uses shadowing and reverse shadowing to instill confidence in your interviewers.
“One of the best ways to train interviewers is to give them practice so they have a consistent frame of reference for what is a great, mediocre, or poor interview.” – Google re:Work
Make sure interviewer trainees feel confident in what they are interviewing for while they are in the shadowing and reverse shadowing processes before they graduate to interviewing solo. For seasoned interviewers or newbies, we have you covered – assign only the training time needed.
