BOSTON, MA, Scout Exchange, a platform for marketplace recruiting, today announced it has received $100 million in funding from TRI Venture.
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Scout Exchange, a platform for marketplace recruiting, today announced it has received $100 million in funding from TRI Ventures, the investment vehicle of creative staffing industry veteran John Chuang. The funding will accelerate growth of Scout's recruitment marketplace, which has been adopted by hundreds of top employers-including 50 Fortune 500 companies-and thousands of specialty recruiters.
As CEO of TRI Ventures, John Chuang backs entrepreneurs building market-transforming consumer and enterprise technology companies. He was one of the earliest investors in Angie's List (NASDAQ: ANGI), the first and most successful home review marketplace. More recently, his investments have focused on innovative companies in the HR Tech space. Prior to leading TRI Ventures, Chuang founded Aquent, which has grown to become the world's largest creative staffing agency, for which he currently serves as Chairman.
"Talent acquisition is more imperative for today's businesses than ever before," said John Chuang, CEO of TRI Ventures. "While technology has streamlined many HR processes, corporate recruiting is still more difficult and time consuming than it should be, presenting real opportunity to disrupt the $500 billion global recruiting market. By combining intelligent software with the proven efficiencies from B2B marketplaces, Scout is pushing the limits of what's possible to create a new category of recruiting that's much more efficient and effective than traditional approaches."
Today's news follows a recent report issued by top industry analyst firm HRExaminer that credits Scout as a "revolutionary example of intelligent software," enabling employers to "control contingent search spend and improve recruiting results in a way that simply wasn't possible before."
"We're proud of the incredible recruiting results our customers have been able to achieve with Scout, and we're excited to fulfill our vision of bringing marketplace recruiting to employers and search firms everywhere," said Ken Lazarus, CEO of Scout Exchange. "Having built his fortune by successfully anticipating and capitalizing on future trends in recruiting, John is the ideal investor for us and it's an honor to have his support and strategic guidance," said Lazarus.
Analyzing millions of data points from thousands of specialty recruiters and job postings in its marketplace, Scout's performance matching algorithms connect search firm recruiters to marketplace jobs in their area of expertise. Using machine learning technology, Scout analyzes the unstructured text of employer job descriptions and applies predictive analytics to determine which search firm recruiters are most likely to successfully fill each requisition, based on past performance by job type. By curating the best recruiters for each job, Scout ensures higher quality candidates, faster time to fill and reduced cost. The Company also provides complimentary search firm vendor management, single-stream invoicing and comprehensive reporting and analytics.
About TRI Ventures, Inc.
TRI Ventures (Boston, MA USA) is the investment vehicle of John Chuang, co-founder and chairman of Aquent LLC, a global staffing firm focused on providing talent, outsourcing services, and cloud-based solutions to marketing and creative departments at Fortune 1000 companies. TRI invests in startup ventures focused on the development of recruitment software solutions and mobile applications as well as public companies, including Angie's List (NASDAQ: ANGI).
About Scout Exchange
A platform for marketplace recruiting, Scout is a new, data-driven way to connect employers and search firms to fill jobs with great talent. Combining the power of marketplace dynamics and machine learning, Scout creates successful employer-to-search firm recruiter matches that deliver better results, improved efficiency and lower cost. Seamlessly integrated with Applicant Tracking Systems (ATSs) used by 90%+ of enterprise companies, Scout is trusted by hundreds of employers, including 50 Fortune 500 companies, and thousands of specialty recruiters. For more information please visit www.goscoutgo.com.