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Bulgarian start-up nPloy raises 2 mln euro to revamp online job search in CEE

Bulgarian start-up nPloy raises 2 mln euro to revamp online job search in CEE The team at nPloy. Image: supplied.

SOFIA (Bulgaria), August 18 (SeeNews) - Bulgarian online job search start-up nPloy said it raised 2 million euro ($2.03 million) in a seed funding round, with the aim of transforming online recruitment models by applying elements of dating apps and expanding into Central and Eastern Europe (CEE) markets.

The new capital will aid the company in its strategy to focus on geographical growth, targeting a presence in ten new markets by end-2023, to be followed by a Series A investment round, nPloy, which is owned by New Highers JSC, said in a press release on Thursday.

The fundraising was led by Sofia-based investment firm Morningside Hill.

"Mass online job posting platforms, not only in the Balkans, but also in Europe, are often clumsy and inefficient," co-founder Konstantin Tsonev said. "We've replaced the standard pre-screening process with an AI algorithm allowing users to see only vacancies relevant to their experience and requirements, and employers to source the right candidates more efficiently," he added in the statement.

Over the past two years, the start-up has been focused on market testing, modification and product upgrade for the needs of job candidates and recruiters. The fresh funds will now be chiefly deployed for product marketing activities both in Bulgaria and Romania, where the platform recently launched.

"The Romanian labour market is very well developed and has a rich supply of different and innovative solutions and services. This competitiveness is of great interest to us and is one of the reasons for which we chose our neighbouring market as the next step in our development," Tsonev told SeeNews by email. "Raising a financial resource was a very important step to be able to ensure the implementation of the marketing strategy we have for Romanian market," he added.

The job-matching platform currently serves over 85,000 candidates and more than 500 employers, including BIC, SAP, Lidl and Postbank, among others. It lets users include salary information in their requirements and provides instant feedback once their application has been reviewed and assessed. The related mobile application also allows job seekers to tailor news content, track career-related events or join communities of like-minded users.

"We invested in nPloy because we believe in the urgent need of transforming the recruitment market in Europe. Every good idea needs a great business plan and people who are passionate about its implementation, and nPloy has exactly that," Morningside Hill managing partner Pavel Velkov said. The investment firm launched its venture capital fund in 2019 to provide growth stage backing to Bulgarian start-ups.

($ = 0.9848 euro)