Investors have given a vote of confidence to another unicorn-to-be Hungarian start-up. Talentuno – a highly-disruptive, HR Tech firm – has reached an important milestone. In a Series A round led by Hiventures Ventures Fund Management Plc. and Bonitás Venture Capital Fund Management Ltd., the early-stage venture secured 4 million Euros of fresh equity capital. Besides accelerating the firm’s geographic expansion – with Poland next in line -, the capital injection is aimed at further strengthening its cutting-edge technological and IT solutions.
The Hungarian early-stage venture will shake up the European recruitment industry. Through its innovative platform of Talentuno, users recommend their acquaintances for new jobs, and earn significant amounts of commission on successful recommendations. In this community recruitment model entirely created by Talentuno, anyone can become a so-called “MatchMaker” – a freelance recruiter. The Hungarian early-stage venture will be a cornerstone of the HR tech revolution with its business-model that significantly reduces time-to-hire and recruitment costs – and in the process democratising recruitment.
Talentuno was launched last September. The portal is rocketing in Hungary: more than 6,000 Matchmakers signed up so far, who recommended nearly 7,000 candidates. Nearly 1,500 application processes were managed and the ratio of successful placements is already higher than the industry benchmark. More than 100 companies already use the platform including well-known Fortune 500 companies, who have posted more than 500 positions on Talentuno.
Talentuno has paid commission to more than 100 MatchMakers already for successful recommendations, and hundreds of applications are currently in progress. For large companies, the average time of placement for a position ranges from 1.5 weeks to 3 months.
The success of Talentuno is based on 3 pillars: a truly international team, a highly-disruptive business model, and a deep and rapidly-growing HR market hungry for better solutions. The investment is used for speeding up and launching tech developments to enable Talentuno to offer more sophisticated solutions to users. After the local Hungarian market, Talentuno is targeting Poland. By December 2019 the goal is to have 20,000 Hungarian and 10,000 Polish MatchMakers – and more than 1,000 corporate clients across the region.”
With immediate plans to launch Talentuno in Poland, management has also engaged in first discussions with London-based investors for its next round of c.15m Eur, which will fuel its UK expansion in 2020.