CIT GAP Funds Invests in Capango to Simplify Hiring Process for Restaurants and Retail

Richmond, VA, June 10, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds, the direct investment program of the Virginia Innovation Partnership Authority (VIPA) Investment Division, has invested in Ashburn, Va.-based Capango, developer of a mobile first platform that connects qualified job seekers to work opportunities in the retail and restaurant industries, simplifying the hiring experience for employers with an easy-to-use mobile app - no resume required. The startup will use this investment to support growth plans as they continue to expand and help more employers save time and money by finding the perfect hire for each job.

Attracting qualified talent is one of the biggest challenges that owners and managers of restaurants and retail companies face. Turnover averages over 60% per year, yet hiring methods have not changed in decades. Job boards such as Indeed or Zip Recruiter are inefficient and expensive, and are not purpose-focused on supporting the needs of specific industries. Capango is building retail and restaurant talent communities with a frictionless, social platform feel by streamlining the hiring process and benefits for both employers and job seekers.

“Today’s hiring methods for the more than 27 million hourly job seekers in retail and restaurants are inefficient and difficult to navigate. We started Capango to give both employers and job seekers a sense of community with our mobile-first, “swipe right to work” type app, where a user’s profile becomes their resume,” said Stefan Midford, Founder and CEO of Capango. “Unlike typical job boards, our app is designed to meet a specific audience, connecting the right job seekers with the right employers based on their profile interests and skills. We thank CIT GAP Funds for their support as we continue to grow and make an impact in these industries.”

Capango’s mobile app eliminates the need for lengthy resumes by capturing key data points about a job seeker. It shows the applicant’s location, availability, job interests, and skill sets all in one place, and automatically matches seekers with jobs based on the preferences selected when users create their profiles. Additionally, integrated chat and video interview capabilities provide a simple and fast way for restaurants and retail businesses to put more people to work. Over 130 companies are participating in Capango’s first launch, including large national chains and single locations.

“Capango has recognized an incredible opportunity to put thousands of people back to work in restaurants and in retail. Traditional job boards are trying to be a solution for everyone, but have not truly innovated the process of connecting potential employees and employers in the way Capango has achieved with their platform,” said Tom Weithman, Managing Director, CIT GAP Funds. “With years of experience in the industry, Stefan and his team have developed a strong solution to bridge the gap between great talent and great opportunities. Their business model keeps the app free to job seekers, and ensures clients receive value for their invested recruiting dollars. We are excited to follow their journey as they continue to grow.”

About Capango
Capango, Inc. has reinvented retail and restaurant recruiting with a platform that instantly connects qualified job seekers to rewarding opportunities. Using a proprietary scoring algorithm and a dating app-like interface, recruiters and job seekers benefit from a mobile first interactive experience. Speed to hire is reduced with integrated chat, video interviewing and candidate management. For employers, this means direct access to qualified, passionate workers, making hiring fast and cost-effective. To learn more about Capango, visit https://www.capango.com/ and follow us on Twitter & Instagram @CapangoLife.

About CIT GAP Funds | Investment Division | Virginia Innovation Partnership Authority (VIPA)
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, CIT GAP Funds has deployed $32.4 million in capital across more than 240 portfolio companies, including 17 companies in designated Opportunity Zones. CIT GAP Funds' investment decisions are guided by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit https://www.cit.org/gap-investment-funds.html.

About ​the Virginia Innovation Partnership Authority (VIPA)
​The Virginia Innovation Partnership Authority (VIPA) was established in 2020 to support the life cycle of innovation, from translational research; to entrepreneurship; to pre-seed and seed-stage funding, as well as acceleration, growth, and commercialization, resulting in the creation of new jobs and company formation. The Authority provides a collaborative, consistent, and consolidated approach that will assist the Commonwealth in identifying its entrepreneurial strengths, including the identification of talents and resources that make the Commonwealth a unique place to grow and attract technology-based businesses. The VIPA, with CIT as its operating arm, brings together components of existing and new program activities in an approach through which the whole is greater than the sum of the individual programs. VIPA's design includes governance and management capabilities to ensure that programs generate transformative and measurable results. For more information, please visit www.cit.org/vipa.

About the Center for Innovative Technology (CIT)
Investing in Virginia's Growth | CIT, the not-for-profit operations arm of VIPA, accelerates next-generation technologies and technology companies through commercialization, capital formation, and market development initiatives. Programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Commonwealth Commercialization Fund (CCF) | Virginia Founders Fund | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | Virginia Research Investment Fund (VRIF) | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.cit.org. You can also follow CIT on Twitter, LinkedIn, and Facebook.