SAN FRANCISCO, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Crosschq, a new company focused on eliminating the problem of bad hires, today announced the closing of its seed round led by GGV Capital, with participation from Bessemer Venture Partners and new individual investors Kevin Hartz (co-founder of Eventbrite) and Klay Thompson (Golden State Warriors). The company has raised $4.1 million in seed financing to fundamentally re-invent hiring for the modern workforce.
Crosschq’s mission is to use human insights to help businesses hire the right fit for the position, the company and their culture. By applying machine learning to identify outcome patterns, Crosschq creates a powerful predictive engine that ensures a great job match. The company formally launched the platform in June 2019 and through its proprietary technology is reinventing the traditional reference check by expanding and automating the process, allowing for faster turn-around; more authentic responses with insights from an expanded reference graph; and real, consistent feedback that can be measured and qualified to ensure the best fit for a company.
“The hiring process is in dire need of disruption, and we believe Crosschq is well positioned to change the way businesses recruit, hire, onboard and retain talent, while also providing candidates with more transparency and control,” said Glenn Solomon, managing partner at GGV Capital. “The company has already had an indelible impact on customers’ hiring processes during its beta phase, and we look forward to Crosschq’s continued success.”
Crosschq has been working with more than 25 customers, including Eventbrite, NerdWallet and Dialpad, and has processed thousands of references to date. With a focus on Human Intelligence Hiring, candidates using Crosschq have a 99 percent “candidate satisfaction rate” with an average of 4.2 references each, twice the industry average. Additionally, the company’s solution dramatically decreases the time to hire, as 94 percent of reference requests are being completed in less than three business days instead of the days or weeks it typically takes.
“We are thrilled to add GGV to our investor roster and to have Glenn join David Cowan from Bessemer, Tony Scott (former CIO of the U.S.), and Rusty Rueff as trusted advisors to our company. Glenn’s experience helping companies like Slack, Zendesk, Square and SuccessFactors will prove invaluable as we continue to grow and bring about change in the hiring industry,” said Mike Fitzsimmons, co-founder and CEO of Crosschq. “We are taking on an enormous problem in the industry – the issue of bad hires – which can impact a business for years to come. Our goal is to help build successful businesses by finding the right fit for a role, supporting both the company and the candidate.”
Crosschq’s new financing will support the company’s continued growth and investments in product and marketing, with plans to double its headcount by the end of the year.
For more information, visit www.Crosschq.com.
About GGV Capital
GGV Capital is a global venture capital firm that invests in local founders. As a multi-stage, sector-focused firm, GGV focuses on seed-to-growth stage investments across Consumer/New Retail, Social/Digital & Internet, Enterprise/Cloud and Frontier Tech sectors. The firm was founded in 2000 and manages $6.2 billion in capital across 13 funds. Past and present portfolio companies include Affirm, Airbnb, Alibaba, Bitsight, ByteDance (Toutiao), Ctrip, Didi Chuxing, Grab, Gladly, Hello Chuxing, HashiCorp, Houzz, Keep, LingoChamp, Namely, Niu, Nozomi Networks, Opendoor, Peloton, Poshmark, Slack, Square, Wish, Xauto, Xiaohongshu, YY, Zhaoyou and more. The firm has offices in Beijing, San Francisco, Shanghai, Silicon Valley and Singapore. Learn more at ggvc.com.
About Bessemer Venture Partners
Bessemer Venture Partners is the world's most experienced early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter, and supports them through every stage of their growth. The firm has backed more than 120 IPOs, including Pinterest, Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, PagerDuty, DocuSign, Wix, and MindBody. Bessemer's 15 partners operate from offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India. For more information, please visit www.bvp.com.
About Crosschq
Crosschq is pioneering Human Intelligence Hiring™ by harnessing the power of people to help companies better screen, onboard and source the best talent. Crosschq’s technology gathers direct insights from people, for people and transforms those insights into powerfully predictive data that helps ensure a great job match between talent and a company. The company’s cloud-based SaaS solutions were built to create a transparent and engaging candidate experience while minimizing bias and protecting privacy. Founded in 2018, Crosschq is backed by GGV Capital, Bessemer Ventures, Inner Loop Capital and other well-known Silicon Valley Investors. To learn more, visit crosschq.com.
For more information, contact: Mel Bolton, 510.847.8781, mel.bolton@lyon-share.com