Singapore's AI-driven Marketplace Snaphunt Snaps $1 Million Funding
The company uses AI algorithms to match talent to roles for skill and culture fit
Snaphunt, an intelligent Singaporean HR marketplace, has raised $1 million in a seed funding round led by BEENEXT.
Tulika founded Snaphunt, which acts like a job search concierge, in 2017, after seeing a growth in Singapore’s HR tech space. The startup is an easy to access human resources platform for job seekers and companies. Once the candidates have signed up and completed profile, they no longer need to spend hours looking at job boards.
The artificial intelligence (AI)-driven platform will propose jobs to the candidate that matches their profile and they can apply or decline with a simple click. This brings a lot of transparency to recruiting by providing job seekers real-time updates on the status of their applications.
On the other hand, for employers, it drastically reduces manual tasks involved in recruiting while also reducing hiring costs by more than 90 per cent as compared to agency recruiters. According to Tech in Asia, the funding will help the company in building its strong presence in Singapore this year.
BEENEXT is the new fund launched by Japanese e-commerce entrepreneur and investor Teruhide Sato recently. The Singapore-based venture capital firm has been investing in startups from India, Southeast Asia, Japan, and the US.
"We are thrilled by the force and vision of Snaphunt and are believers in the power of the Founders. We always try to facilitate the partnership of founders among 150+ companies we have invested in so far and are happy to have Tulika joining our community. We believe that the solutions of Snaphunt will also help our start-up companies,” says Teruhide Sato, managing partner of BEENEXT.
Everything Under One Roof
Snaphunt is more than just an HR-tech platform. Some of the interesting features include generating a job advertisement in just a few clicks, receiving relevant screened applications, conducting pre-recorded video interviews and then inviting the final shortlist for face to face interviews.
The company was bootstrapped by Tripathi, who is the co-founder, and Prakash Sanker is the chief technical officer of Snaphunt. Since its inception, it has grown exponentially in the Singaporean market. “We chose to bootstrap Snaphunt and hence my tech co-founder and I invested our personal savings into Snaphunt. We are now closing our first round of external funding with a VC that we are very excited to partner with and will be announcing this soon,” said Tripathi in an interview with People Matters.
In a short span of time, the company has built its major client base. From large multinationals and leading Singapore firms to some public sector enterprises and startups, Snaphunt has lured over 500 companies to register themselves on its platform. Some of them include Microsoft, SingaporeSailing, Safilo, Antler, etc.
The startup has addressed the pain points of the hiring process both from job seekers’ end and companies as well. About 58 per cent of job seekers have a negative impression if they don’t hear back from the company after submitting an application; Snaphunt is aiming to provide real time updates to all your applicants to ensure this never happens.