Moncton-based Qimple, whose software helps companies recruit talent, has raised a $1.1 million round of seed capital from the New Brunswick Innovation Foundation and Toronto-based Green Century Investment.
The funding means the two-year-old company, which last year attended the 500 Startups accelerator in Silicon Valley, has raised a total of $1.6 million. Having launched its product last year, Qimple has brought in almost $1 million in revenue since its inception and has doubled its team to 12 people in the past three months.
The Qimple funding comes at a time when more and more growth-stage startups in Atlantic Canada are raising seven-figure funding rounds, often backed from investors outside the region. Qimple is the 10th company from the region this year to announce a raise of $1 million or more, and the fifth to attract investment from outside investors.
Stating its mission is to humanize online hiring, Qimple said it will use the funds to grow its team and further break-down the barriers associated with online hiring practices.
“Qimple understands the issues with online hiring and knows exactly what needs to happen to make it a better experience,” said Co-Founder and CEO Yves Boudreau in a statement. “The team respects that job searching can be a very emotional experience with feelings of stress, frustration and sadness.”
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The Qimple statement noted that 54 percent of unemployed people in the U.S., according to Gallop, feel they are struggling with the stress of having an uncertain future. Qimple aims to ease that anxiety by developing software that helps through the job search.
“Our platform boosts job-seeker self-esteem and we’re proud to say that we receive daily positive feedback from job seekers on how rewarding and empowering the application experience is for them,” said Boudreau. “Job seekers who are upbeat and optimistic perform better in interviews [and] are more likely to … enter jobs ready to help their teams succeed.”
The product launched in 2015 is a quick and simple hiring solution. Today, the company has been strategically evolving away from traditional online hiring practices into a more comprehensive approach with a personal touch.
Qimple also operates several job boards, including the Entrevestor Job Board.
Qimple said it will soon launch the world’s first Resume Snapshot tool in an applicant tracking system to further help hiring managers find the best candidates.
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“We first invested $100,000 in Qimple two years ago as a startup—before they launched and started raising capital,” said NBIF President and CEO Calvin Milbury in the statement. “Now that they’ve launched their product and are showing good market adoption, we’re helping them to go from a start-up company to a scale-up company and accelerate their growth.”
Qimple’s newest investor is Green Century Investment, a Canadian private equity and venture capital investment company that looks to add value when investing in technology and innovation, real estate and alternative energy.
“Qimple’s mission stems from their deep-rooted company culture of constant learning, open-mindedness and collaboration,” said Green Century Principal Larry Yiu in the statement. “Yves is building a great team that will be a core part of Green Century’s portfolio of companies.”