HRtech startup Adway has just raised €10 million for its automated social recruitment marketing solution. The Swedish startup is aiming to transform hiring processes, address global recruitment challenges and better address the preferences of younger generations.
The world of work has been hit with a common challenge to overcome in recent years, and in 2022, it certainly hit a tipping point. There is a global war for talent as shortages. The tech industry has been particularly hit by it and companies are increasingly looking for new ways to hire a new generation of talent and meet a new era of requirements.
Millennials and GenZ’s do share one thing in common: social media. Growing up with social networks at their fingertips, social networks are used by these generational cohorts to connect on a personal and professional level and go a long way in building trust and legitimacy.
With this in mind, and considering the wider context of the talent crisis, Swedish startup Adway has developed a solution. The startup has just raised new funding to scale.
The details:
- €10 million raised in a Series A round
- Funding led by Octopus Ventures
- Existing investors Brightly Ventures and Spintop Ventures also participated
Transforming recrutiment
Founded in 2018, Adway’s automated social recruitment marketing solution is taking a new approach to the recruitment space. It aims to solve growing hiring challenges such as Gen Zs preference for social media to make connections with companies and traditional avenues such as job boards losing traction.
The platform enables talent and recruitment leaders to attract talent at scale and speed as the tech simplifies talent acquisition processes while building deep, diverse social talent pools, reducing cost per hire and removing the reliance on traditional talent attraction and acquisition methods and tools.
Adway’s CEO, Adrian McDonald: “Our sophisticated platform dynamically combines digital and programmatic advertising technology, with branded ad content to continuously discover the most effective journey for each candidate. Our clients see an increase in diverse, relevant applications and can build sustainable talent pipelines that enable them to continue to tell their employer brand stories with reach and resonance.”
It essentially combines digital advertising capabilities alongside a deep knowledge of recruitment and talent acquisition. Adway has been growing fast from its Swedish riots, recently recognised as a Core Leader by tech analysts, Fosway Group, noted for high levels of customer and market performance and providing a strong suite of capabilities for clients across the world — from attraction to hire.
Adam Said, Investment Manager at Octopus Ventures: “The challenge of accessing and attracting top talent is a growing problem for organisations globally. Intense competition, the growing shortage of talent and traditional job boards losing audiences are all additional factors to this challenge. Millennials and Gen Zs are further relying on social media to build trust with future employers, and the pandemic has allowed companies to embrace flexible working.”
This new funding will be used by the innovators to accelerate and scale the platform. To this end, funding will be put towards developing the product suite and supporting continued expansion into international markets.
Adam Said: “We were deeply impressed with the combined digital advertising and HR-Tech expertise of Adway, with the team’s passion and insight we are confident Adway will take the industry by storm.”
