Investment - July 2021
The Janvest General Partnership is pleased to announce the execution of Limited Partnership IV’s fourth investment in an Israeli founded emerging technology company. Below you will find information about the business and corresponding investment. We welcome your questions and feedback.
DEAL SUMMARY
Company Name / PerfectMatch
Website / Under Construction
Offices / Tel Aviv
Sectors / Human Resources
Founders / 3
Year Founded / 2021
Number of Board Positions Held by Janvest / One
Total Janvest LP IV Investment / $1,500,000
Total Size of Round / $4,000,000
Notable Co-Investors / Target Global Ventures (Israel/Europe), the family offices of Rami Kalish and Chemi Peres, two of Israel’s most prominent venture capitalists
LP IV Ownership / ~12.5%
TECHNOLOGY DESCRIPTION
PerfectMatch is bringing to market a first-of-its-kind Deep Learning platform for Career Path Analysis, Prediction, and Recommendation. As enterprise recruiters struggle to identify, qualify, and/or retain top talent, they are finding that one of the big barriers to optimization and something that technology has not effectively attended to is ensuring that the right people with the right skillsets are in the right roles at the right point in their careers. Having this ‘fit’ within an organization can maximize employee potential, promote long-term loyalty, and allow for the creation of highly effective succession plans. One of the key pieces of innovation behind PerfectMatch’s platform is the new and proprietary data they are able to generate and process on active and passive job candidates to do both the matching and the qualification. This is a major advancement over current HR tech that is forced to rely on static CVs, incomplete profiles filled out by headhunters, and information scraped off social media. With this new data, PerfectMatch can provide significant and unique value to all stakeholders in the recruiting process:
Companies
Providing deep insights regarding candidate-fit based on the collective learning correlated to similar company profiles and similar candidate profiles
Candidates
Providing a career roadmap and corresponding recommendations using deep learning based on the experience of similar people who have been in similar roles
Headhunters/Agencies
Mapping the potential and trajectory of passive and active candidates relative to the demands of a hiring company
MARKET APPLICATIONS
While PerfectMatch is applicable to any size company hiring low to mid-level candidates, their initial focus is on recruiting agencies of which there are 2,600 just in the U.S. alone, which generate in aggregate about $7 billion in annual revenue. Most agencies today are 5-10 employees serving anywhere from 20-30 clients. Using PerfectMatch’s AI-based mapping, they are able to ‘move’ candidates much quicker thus allowing those agencies to increase the volume of companies and candidates with whom they are working. The second phase of expansion beyond agencies is direct to enterprise where in-house recruiters are trying to identify not just the active job seekers, but those that are highly relevant and not yet out in the market looking for a new role. A final phase of expansion is direct to candidates to whom PerfectMatch can offer their career mapping and prediction platform to help individuals identify roles where their qualifications are a good, but not obvious fit.
MARKET ADOPTION
PerfectMatch is pre-product and therefore is in the process of lining up design partners with leading Israeli tech companies.
TEAM
JANVEST VALUE-ADD
Janvest is co-leading PerfectMatch’s seed round alongside European-Israeli fund, Target Global Ventures. We have been instrumental in helping syndicate the round, as well as acting as a due diligence resource for other funds considering the opportunity given we were first movers and had concluded our diligence in advance of others joining. In addition, the PerfectMatch team was looking to bring on an advisor with corporate recruiting experience for which we made a few introductions to prospective candidates including a renowned Organizational Psychologist and HR domain expert. Janvest Partner Daniel Frankenstein will represent the fund on PerfectMatch’s Board of Directors.
Brian Rosenzweig
Atlanta, GA
Brian@Janvest.com
Dafna Winocur Biran
Tel Aviv, Israel
Dafna@Janvest.com
Daniel Frankenstein
New York City, NY
Daniel@Janvest.com
