You only have a minute? Here are 3 key takeaways from the article:
• Bulgarian HR startup nPloy raises €1.8 million in a funding round led by Morningside Hill VC and joined by Blue Ocean Ventures.
• The follow-on investment is in addition to that of last year when the company raised 2 million euros, which it used to expand into the Romanian market.
• The nPloy app works similarly to the popular dating app Tinder: it allows candidates and employers to swipe left and right based on whether or not they want to meet.
Founded in 2019 by entrepreneurs Konstantin Tzonev, Boris Kolev, Tsvetoslav Zahariev, and then Teodor Todorov, nPloy offers talents and job seekers a tool that matches their lifestyle and communication preferences and puts them in touch contact with suitable employers.
When creating their profile in nPloy, employees and candidates define their requirements and let the algorithms do the rest of the work to meet them. The app also improves the traditional application process by allowing candidates to see only positions suited to their experience and preferences. On the other hand, it allows employers to see only candidates who are suitable for the position.
The nPloy app also has social features that allow users to participate in discussions about their professional interests. There are also different clubs where users can create and participate in common topics, as well as events sections for online workshops and seminars.
“We see great potential in the company, the team is doing very well and that is why we decided to invest again. The expansion of the Romanian market is going very well and we hope the same will happen in other markets outside the country,” Pavel Velkov, Managing Partner of Morningside Hill VC. said Forbes Bulgaria. The Bulgarian fund is also closing its funding cycle at the end of 2023 as the Fund of Funds (FoF) also approaches its investment cycle at the end of the year.
According to Velkov, the nPloy platform will continue to develop its technology in the market, which could already signal the need for a new round worth up to 10 million euros. Furthermore, the company expects that over the next two years the number of applicants will increase by more than 300 percent in Bulgaria and tenfold in Romania.
“This follow-on investment in nPloy represents a step forward in our development and is essential to achieving our ambitious goals. Our strategy for the next 2 years includes a number of technological initiatives and innovations, thanks to which we hope that our candidate base will increase several times and penetrate the next new market. We will not stop introducing more and more innovations, with which we not only facilitate the selection process, but also provide strategic analysis of trends and make the labor market more and more transparent and accessible,” said Konstantin Tzonev, co-founder of nPloy.
