HR tech firm CBREX raises $1.1 Mn as equity funding
Global recruiter exchange, CBREX has raised an amount of $1.1 Mn as equity funding from a few Indian high net worth investors.
Established in 2015, CBREX is a tech platform that uses machine learning to connect jobs to vendors (suppliers) and helps companies hire anyone, anywhere. Currently, the platform is being used by employers across 17 countries with around 5000 recruiters (agents) to hire talent across experience levels and domains.Now the Bengaluru-based company looks to accelerate and expand its operations.
“The amount raised will be assigned for accelerating and expanding our sales in the US, which is the leading market for CBREX,” shared Gautam Sinha, Chief Executive and Co-founder, CBREX.
He further added that the company plans to appoint resellers, senior sales people and senior management in the US and other international markets like Europe, Japan, Southeast Asia including India.
CBREX aspires to create “specialized supplier clusters” on a single platform that gets connected to relevant jobs based on their areas of expertise. With their current platform completely ATS integrated, they are able to increase efficiency of the internal recruiting team (and also the external suppliers) while reducing turnaround time on each hire. The platform also allows recruiters to create a Digital VMS (vendor management system) by digitizing the entire vendor hiring supply chain.
Finding the right talent has been a challenge for many firms across industries. And with the rapidly changing nature of work and the scarcity of skills it is becoming even more challenging for recruiters and leaders to find and hire the right talent. This growing challenge has created even more opportunities for HR tech firms and staffing firms as companies look for more effecient and innovative solutions.
Particularly in the U.S, from a market size of $148.1 Bn in 2018, the U.S. staffing and recruiting market is predicted to increase to $ 157.8 Bn in 2020. With such expected growth in the market, there lies a huge opportunity for a firm like CBREX. However, it competes with many other recruitment tech firms present in the market. While established staffing firms like Korn Ferry and Robert Half continue to lead the market, emerging startups like HireView, HackerRank, and Pymetrics are also gaining a lot of traction. Amid such competition, CBREX has to ensure that its solutions are not only relevant but also has a competitive edge.