Equip.co Raises $400,000 in a Pre-Seed Round Led By Better Capital
Funds will be utilized to hire for product, engineering and marketing roles, and on-board subject-matter experts who will help expand the scope of skills that are currently tested.
Equip.co on Tuesday announced to have raised $400,000 in a pre-seed round from Better Capital. Funds will be utilized to hire for product, engineering and marketing roles, and on-board subject-matter experts who will help expand the scope of skills that are currently tested.
"We are delighted to announce our first round of funding. As the name suggests, we want to equip recruiters with identifying great talent. Equip will not only help companies reduce the time and effort to hire, but also help them look beyond CVs and pedigree, and focus on candidates' skills," said Jayanth Neelakanta, founder and CEO, Equip.co
"We are making skill assessments 100 times easier with Equip and putting it everywhere it's needed without forcing users to go on different workflows and journeys. We are excited to be the founding stage partner to Equip" said Vaibhav Domkundwar, founder and CEO, Better Capital.
Founded in August 2020 by Jayanth Neelakanta, Equip.co is streamlining the recruitment process through its automated tests across multiple skills. During the spread of COVID, one of his customers told him about how online exams were difficult to monitor. So, his team launched AutoProctor, which grew popular immediately, and has been used in 15 million tests in the last couple of years, with paying customers from over 100 countries. The team claims Equip has assessed tens of thousands of candidates since. As the hiring process shifts online, the number of candidates applying for open positions has increased massively. Equip's automated skill assessments help recruiters filter candidates across roles like engineering, data science, sales and support, etc. The candidate takes the assessment on Equip and the recruiter uses this score to screen them. Recruiters can use content Equip provides or create their own tests. Equip claims that, on average, recruiters shortlist only the top 3 per cent of the assessed candidates, and so save 97 per cent of their time.