Having doubled its staff to 200 in the past year, Moncton-based recruitment software company VidCruiter is now unrolling a two-track strategy in which most customers will use its platform for either automated recruitment or for interviewing.

VidCruiter started in 2009 by producing a tool that recruiters could use to conduct interviews online to streamline the hiring process. The company still has the original vision of a video interview system but over the years it has added such features as an applicant-tracking system and applications that help to simplify workflow for recruiters.

The company, which is cashflow positive, raised about $1.2 million in angel funding between 2012 and 2019, but has largely grown by re-investing revenues. In fact, Founder and CEO Sean Fahey said in an interview Friday that the company in 2022 received approaches from 200 venture capital funds making inquiries about investing in the firm, but the company did not proceed with talks with any of them.

“The fact that we have that much interest from those sorts of firms, it’s insane,” said Fahey, adding that they include some of the world's top VC funds. “Five or 10 years ago, I was begging [venture capitalists] to give me a dollar to help me grow this business. And today I thank my lucky stars that they didn’t give me that money.”

Warming up to the subject, Fahey added: “That is one story out of hundreds of stories that are happening at Vidcruiter – stories that are almost unheard of. And the reason we don’t need that money is we have that small group of hard-working people who were built for a downturn because we had to bootstrap from Day 1.”

Fahey and VidCruiter first came to the attention of Entrevestor more than a decade ago when they went through the first cohort of Launch36, the first accelerator offered by the tech support group Propel. In fact, Vidcruiter is the only independent company still left from that cohort, given that Halifax-based LeadSift was acquired by Boston-based media company IDG Communications a year ago.

VidCruiter attracted little equity capital in its early years, but it did sell its product to a stable of blue chip clients, such as General Motors, KPMG and the Canadian government. The sales growth has continued, especially in major English-speaking economies, and Fahey said revenues increased 62 percent in the year ended June 30. The growth rate in the current fiscal year is currently tracking toward 38 percent, though Fahey expects to increase it to 45 to 50 percent by June.

The company is now selling eight products and Fahey said the vision for the company has evolved so that employers can either use its automated hiring platform or its interview software, depending on their needs.

One highlight of the past calendar year has been the addition of 100 new employees, though most of them are outside of Moncton and Atlantic Canada. The team working in Moncton has increased to about 40 – enough that the company moved to a larger headquarters this year. Fahey said the company will probably slow down on hiring in the near-term, though he foresees a renewed hiring push before too long.

“We have a really good, dedicated group of people who work really hard,” said Fahey. “That’s the No. 1 reason we’ve done well. The reference I use is the movie '300'  -- it’s a small group of people who perform really well.”


Vidcruiter now has an opening for an Implementation Specialist. You can find the job posting here.