UAE HR Tech Startup Bloovo.com Closes US$3 Million Funding
UAE’s algorithm-based online recruitment platform Bloovo.com has closed a US$3 million funding round, which was led by GCC-focused private equity firm Noble Partners with participation from ProCapita from Kuwait, Oman’s Mohamad Moosa Abdulrahman Investment office, Al Serkal and Al Shafar from the UAE, among others.
With this financial injection, Bloovo.com aims to accelerate growth across MENA (by expanding in Saudi Arabia), enter Indian market, invest in advertising, and strengthen its team to support operations, aiming to grow the current 16-member team to 40 by the end of 2018. The HR tech startup, which started operations in January 2016, says both business and team size has gained momentum since then, with its employer base (clients) growing from 260 in 2016 to over 1,850 employers as of May 2017.
“The job mismatch problem is a universal one, and what we try to do at Bloovo.com is to find the means to solve such a problem through the use of data science and advanced algorithms to make job matching a reality,” says Ahmad Khamis, the startup’s co-founder and CEO. Explaining a few of the company’s core offerings, he says its features include “scientific matching percentages, probabilities of success, candidate 30-second pitching videos, insightful dashboards for both employers and job seekers, in addition to an advanced but smart online recruitment monitoring software for employers.”
The entrepreneur holds a firm belief that with data playing a huge role in the lives of individuals and companies when it comes to decision making, Bloovo.com’s premise to utilize big data to streamline the recruitment process has potential to scale as a business- both in the MENA region and globally. Acknowledging that the Middle East is home to numerous conventional recruitment portals, he adds that, at Bloovo.com, “adopting data science in the recruitment play was [their] theme.”
Besides creating a product that scientifically ensures appropriate fit for open roles, with growing concerns of robots and other technology taking over human jobs, Khamis says he wanted to “create something that is algorithmic, [and hence] would not only survive in the technological disruption era, but be a best choice when it comes to recruitment.”
As for his experience in raising funds for Bloovo.com in the region, he believes that since the founding team were “well-connected” in the GCC business circles [founders’ background is in Private Equity and they are serial entrepreneurs], it gave them something to leverage on. “You should be prepared to answer any question relating to your venture, your differentiation, the industry you are in, and its dynamics. Surround yourself with at least one strong and exposed co-founder, and be ready to work 48 hours non-stop- no holidays, no rest, and more importantly you should never give up,” says Khamis, sharing takeaways for MENA’s aspiring entrepreneurs from his own fundraising experience.
Sindhu Hariharan is the Features Editor at Entrepreneur Middle East. She is a financial consultant turned business journalist with a FOMO when it comes to everything technology.