JobsTheWord, a recruitment firm that uses big data to help employers source talent has announced a £525,000 funding round courtesy of The North West Fund for Venture Capital.
JobsTheWord, which is based at Daresbury Science Park in Cheshire, searches and analyses data from social media and other sites to help companies identify candidates, allowing businesses to reach potential employees who may not be actively searching for a job.
The funding, is provided jointly by the European Regional Development Fund and the European Investment Bank and will allow the firm to scale its research and development, create new features and develop different products for new sectors based on the technology.
JobsTheWord was founded in 2011 by IT engineers Will Crandle and Lee Harding along with Keith Jones, an entrepreneur and angel investor. Current clients including World Pay, Blackberry, Samsung, Hewlett Packard and Experian. It already has millions of registered users.
The JobsTheWord platform uses complex algorithms to extract information from online profiles, blogs and websites, to inform potential candidates of all kinds of opportunities they may have not otherwise known about.
"The web is a treasure chest of information providing insights into all aspects of our working lives," said Jones. "Our system transforms it into a database packed full of talent, which not only helps employers save time and money, but also to reach out to those who are not actively searching for jobs and often the best candidates."
Will Clark, investment director at Enterprise Ventures, which manages the North West Fund for Venture Capital, added: "JobsTheWord is the first company in the UK to use big data in the recruitment sector, which could revolutionise the way employers search for staff.
"However recruitment is just one application for the technology. This investment will help the business to expand the current activities and develop big data products for other sectors too."