Today's Top Talent and Tech Trends: Funding Success, AI in Hiring and More

Talent Platform Passionfruit Secures US $9 Million in Funding

London-based talent platform Passionfruit has raised $9 million in a Series A funding round led by Seaya , with participation from existing investors. The funding will support product development to enhance collaboration between independent workers and businesses and expand into North America.

“We started our business because we believed that the next generation deserved a new way to operate their professional lives,” said Raffi Salama , CEO and co-founder of Passionfruit.

Learn more about their future plans here.

Tech1M Secures ￡581K Pre-Seed Investment Led by SFC Capital and Techstars

Tech1M (Techstars ‘23), a recruitment intelligence platform, has raised $750K (￡581K) in pre-seed funding to revolutionize talent acquisition with human-AI augmentation systems. Co-founders Tommie Edwards FRSA and Damilola Ogunmoye aim to streamline the recruitment process, reduce hiring costs and improve the quality of hires.

"Using traditional recruitment platforms, I’ve always felt a lack of intentionality in the craft of software in helping you find great talents," said Tommie Edwards, CEO of Tech1M.

Read more about the tool in the full release.

Randstad Q2 Revenue Slips 8% Amid Subdued Hiring Levels

任仕达 , the largest global staffing firm, reported an 8% drop in Q2 revenue to €6.08 billion (US$6.52 billion). Inflation, slower economic growth, and interest rate uncertainty have impacted hiring levels, leading to fewer vacancies and longer hiring times. Despite the decline, Randstad is focusing on cost reduction and has expanded its commercial activities.

Read the full report here.

Hunt Scanlon Ventures Advises ZRG Partners on Jamesbeck Acquisition

Hunt Scanlon Ventures has advised ZRG Partners, LLC in acquiring Jamesbeck , a recruitment firm specializing in senior-level talent for the investment management community. This acquisition aims to strengthen ZRG's presence in asset management and support private markets clients.

"Joining forces with ZRG is an exciting opportunity for Jamesbeck," said Melissa Norris , Managing Partner at Jamesbeck. "We have always been committed to delivering exceptional talent solutions, and being part of ZRG will enable us to broaden our reach and impact."

Learn more in the full release.

Diversity Makes Your Product Universal

Tiffany Dang , Head of People & Talent at Portal AI , highlights the importance of diversity in hiring to gain a competitive edge in global markets. Prioritizing diversity helps companies navigate cultural nuances, improve customer success and drive innovation. With remote work becoming more mainstream, companies can tap into underutilized talent pools and create a more inclusive work environment.

Read about how diversity in hiring can strengthen your product here.

Tracker and Prodoscore Announce Strategic Partnership to Empower Staffing Firms

Tracker , a leader in recruitment and CRM software, has partnered with Prodoscore , an AI-powered data intelligence solution, to integrate advanced data analytics into their platform.

“By integrating Prodoscore's advanced workforce intelligence capabilities into our platform, we are empowering our clients to make data-driven decisions that drive productivity, enhance employee engagement and ultimately improve their bottom line,” said Andy Jones , CEO of Tracker.

Learn more about the partnership here.

How Businesses are Using AI in Hiring and Its Potential for Bias

Artificial intelligence is increasingly being used in recruitment, with 43% of companies incorporating AI to enhance hiring efficiency. However, this technology can introduce bias into the process, potentially disqualifying qualified candidates based on their resumes or essays.

"AI is great for looking at resumes and responding to messages, but as you get deeper into the hiring process, having an actual interface with the people that you might be working with is really critical," said Brian Gagnon , CTO at Uprise Partners .

Learn more about the role of AI in recruitment and its implications for bias in the full article.