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Careerlab Group

AI-driven job search and career development ecosystem

Israel
Market: Internet and IT, Education, training
Stage of the project: Operating business

Date of last change: 27.02.2021
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Idea

We use cutting edge AI to enable employers to attract suitable applicants quickly and at a minimal cost, and help candidates find great jobs.

Current Status

We have launched Careerlab in 2019 with a Pre-Seed round of $450,000. Now we have two fully functioning complementary products, over 25,000 registered users, 20 paying employer customers and we started generating revenue in Q4 of 2020. Careerlab is forecast to reach profitability in 2023.

Market

Our target market comprises high-skilled job seekers and vacancies/employers that require such job seekers in Israel, Ukraine, Poland, Czech Republic, Hungary, Estonia, Latvia, Lithuania and Germany. This is where our filtering, promotion and HR branding can bring employers the most value (as such employees are difficult to recruit, have a strong impact on employer’s profitability and result in significant sunk costs if they leave soon after joining).

We estimate the size of this market at around $3bn.

Problem or Opportunity

We tackle the fundamental inefficiency of recruitment arising from (i) the tendency by job seekers to apply for as many vacancies as possible, and (ii) the lack of effective filtering solutions allowing the employers to shortlist suitable applicants without spending a lot of HR resources on manual application review.

Solution (product or service)

We address this problem by improving (i) the efficiency of the recruitment process (Jobplanner) through cutting-edge AI technology for advanced application filtering, and (ii) career development and application skills of job seekers (Career Advisory) via tailored services delivered by professional advisers.

Our core product, Jobplanner, helps employers to cut recruitment costs and hire top talent by utilizing cutting-edge AI technology to carry out advanced filtering of applicants to provide the employer with 10-20 of the most relevant candidates for each vacancy. For job seekers, Jobplanner provides an AI-driven job search platform that helps them to quickly find and apply for suitable jobs.

Our second product, Career Advisory, is a career & educational services marketplace covering a full range of career, job search and application-related services delivered by professional Advisers in English, Hebrew, Russian, Arabic and Spanish, designed to boost job seekers' chances of getting the right job.

Competitors

Our main competitors are the standard generalist job boards and, in some markets, LinkedIn.

Advantages or differentiators

Most of our competitors are old school generalist job boards. They provide bad value for both job seekers and employers, add little value and are very inefficient at helping to recruit high-skilled candidates. More specifically, they are driven and incentivised by quantity-based KPIs and optimise their performance to generate as many applications as possible, regardless of the suitability and quality. There is virtually no targeting or filtering, and employers receive a high volume of applications, the overwhelming majority of which are completely irrelevant.

Our global competitor is LinkedIn. However, it mostly provides a professional social network, and its jobs portal provides little added value and is not widely used in the markets we target. For example, in Israel it is only used to fill some High-Tech roles. In other jurisdictions we target, vacancies are usually posted on local job boards and not on LinkedIn.

As a result, Careerlab’s competitive advantage is based on our cutting edge AI filtering engine, focus on high-skilled candidates, and the coverage of multiple languages (most of the local platforms operate only in the local language, with limited or no English coverage).

Finance

Our employer subscription prices range between $50 and $150.

Business model

We operate a SaaS subscription model on the employer side and a commission-based model for Career Advisory services. The basic use of Jobplanner platform for job seekers is free.

Money will be spent on

We are raising this round to kick off international expansion and further develop the technology behind our products. The budgeted funds allocation is as follows:
R&D - 40%
International Expansion - 25%
Operations - 35%

Offer for investor

Pre money valuation - $12m
Post money valuation $13.5m

Team or Management

Risks

The key risks are as follows:
- the pandemic related lockdowns and restrictions stay in place for years;

- the data protection, regulatory and compliance rules are made more burdensome; and

- a larger and better-resourced competitor enters the market in our segment.

Incubation/Acceleration programs accomplishment

N/A

Won the competition and other awards

N/A
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video