What Is Fetcher?
The company was first launched as Scout in 2017 by co-founders Andres Blank, Chris Calmeyn, Javier Castiarena, and Santi Aimetta. Blank, a serial entrepreneur who previously built photo sharing app Pixable (the business was eventually sold to SingTel), told TechCrunch that he struggled with finding and recruiting top talent at his previous startup, which is where the idea for the new recruiting company came from.
“We relied a lot on recruiters and spent a lot of time trying to bring in the best people,” Blank said, describing his experience as “super tedious.”
Renamed Fetcher the year after due to an excess of other businesses with a similar name, the recruiting company automates both the sourcing and outreach sides of recruiting, reducing how much time recruiters spend in front of their computers. The messages sent to candidates are effective, the recruitment company says, and qualified hires are then contacted by Fetcher representatives after this initial step. The startup argues that its methods — in addition to saving companies time and energy — actually lead to more diverse hires.
Money and Investors
The startup has raised a total of $12 million to date. though the company has not disclosed when a majority of the money was raised by the recruitment business. After two rounds in 2014, Fetcher pulled in $1.4 million in a Seed round involving three investors, led by Revel Partners, in 2017, according to Crunchbase.
At the time, the only other funding capital made public by the company was the one that closed this month, in which Fetcher pulled in its biggest numbers to date — $6.5 million. This Series A round for the business was led by G20 Ventures, with participation from KFund, Slow Ventures, and Accomplice.
With this sizable cash injection, the recruitment startup hopes to significantly grow its business. Blank said that he is aiming to double the number of employees at the company by the end of the year from 80 to roughly 160. Furthermore, the founders want to bolster business offerings by building out additional analytics to improve their hiring technology — for example, diversity analytics.
However, the company does face the challenge of competing against a number of other recruiting startups — and well-established companies — similarly aiming to streamline recruitment. Washington-based recruitment startup SeekOut, for example, recently raised $65 million in a Series B funding round. With a focus on artificial intelligence (AI) and diverse hiring, the company is just one of many in a competitive market, valued at roughly $150 billion as of 2019, going up against the likes of behemoths like LinkedIn and Workday. The former company was valued at $26.2 billion when Microsoft acquired it in 2016.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.