The Rockaway Capital investment group is sending another of its start-ups out into the world and selling its stake in the Techloop.io tech start-up, in which it invested in 2017 and 2018. Techloop will become part…
Techloop, a start-up focused on bringing firms together with IT professionals, thus significantly increasing the efficiency of recruiting new employees, has launched a new version of its platform. The improved service offers significant innovations, thanks to which firms can select from a database of 15,000 IT workers and directly offer them available positions, while also creating a company profile and working on building their brands as employers. Firms thus receive a tool that will help them cope with the critical shortage of IT specialists.
In addition to new possibilities for firms, Techloop is also bringing out improvements aimed at potential job candidates, whereby the entire registration process is accelerated. Users can establish an account within a few minutes including verification, after which they will immediately be able to choose from more than 300 currently available positions. These new features will make life easier both for those who are seeking a new work challenge and for companies for which recruitment of new IT specialists would otherwise be a very complicated and expensive matter.
“As early as next year, the EU will be short half a million IT specialists and firms thus have to transition to a significantly more active approach to finding and hiring scarce professionals. Techloop serves as a bridge that spans the chasm between firms and IT specialists, as it enables firms to easily share information about their projects and corporate culture, thus significantly increasing their chance of successfully recruiting qualified candidates. For IT workers, Techloop is a platform thanks to which they can find the best firms in the field,” says Andrew Elliott, co-founder and CEO of the firm, describing the Techloop’s advantages for companies and developers.
The new version of the platform offers not only new functionalities, but also an improved model of firmly set subscription pricing, which is more transparent, by means of which the company wants to more substantially differentiate the service from the imperfect solutions in the field of employee recruitment. For a monthly fee of EUR 129, companies can now receive full access to a database of 15,000 potential candidates from the ranks of IT professionals. Quarterly and annual subscription programmes are available. Firms using Techloop can also pay extra for professional assistance provided by a personal “Account Manager” that helps firms with setting up their company profiles and with actively searching for candidates. The firmly set price of this service is EUR 1,999 per hired candidate regardless of the type of position and his/her salary.
“A major advantage of Techloop for technology companies that are seeking new personnel is the considerable financial savings. An ordinary personnel agency charges a provision in the amount of 18% to 30% of a hired employee’s annual wage. If a small company uses Techloop to recruit a mid-priced software developer, it will save around 150,000 korunas. In the case of bigger firms with a larger number of incoming developers, their savings can be in the millions,” says Andrew Elliott, commenting on one of the platform’s benefits.
Techloop is part of the start-up stable of Jakub Havrlant’s Rockaway investment group, which has been supporting the firm since 2016. “Techloop has had a great vision since the beginning, though like most start-ups, it first had to learn a number of lessons and find the ideal business model. Today it has a well-formulated and complete business strategy with which, in combination with its upsell model and unique database, it has an opportunity to fully utilise its potential,” says Martin Konop of Rockaway Ventures.
Through its website, Techloop supports leading companies and talented IT professionals. The Prague-based start-up was established in 2016 by former HR specialists Joao Duarte, Paul Cooper and Andrew Elliott. Since then, Techloop has expanded to Slovakia, Hungary, Sweden and the Netherlands, and it is continuing its expansion to other European countries. Techloop’s mission is to enable the best possible connection of talent and opportunities while respecting the values of companies and IT professionals.