ModernLoop raises $9M to supercharge recruiting operations in every hiring environment

Lydia Han, CEO
Aug 23, 2022
Announcing our Series A and the next innovations from ModernLoop

When we first started working on ModernLoop back in early 2020, we couldn’t have imagined how much the world would change. Teams are being asked to accomplish more with fewer people, so they can remain agile and competitive. Recruiting teams still need to do their strategic work while also balancing tasks like interview scheduling, gathering feedback, and moving processes forward. Recruiting coordinators face a bigger burden with fewer resources.

Companies have turned to ModernLoop to manage this transition, as we give recruiting a way to be more efficient and save time with fewer resources. To support our expansion to more businesses, we’ve raised $9M in Series A funding led by Accel with participation from Webb Investment and Quiet Capital, as well as enterprise technology visionaries like Slack CEO Stewart Butterfield and Zoom CEO Eric Yuan.

“Talent professionals at fast-growing companies are increasingly relying on ModernLoop as the backbone of their interviewing and recruiting efforts. Their platform helps talent teams remain agile and efficient despite changing objectives, which is more important than ever before in today’s complex hiring environment.” – Amit Kumar, Partner, Accel 

Since our seed announcement in October, we’ve seen exciting growth - all of which can be attributed to our amazing team which has already doubled in size since our last announcement. We’ve tripled the number of businesses working with us and helped schedule over 100,000 interviews — this represents thousands of hours of work given back to employees. 

We’re also excited to share that we're launching a new version of one of our core product features: Interviewer training.

In the past year, we’ve been able to help our customers train over 300 new interviewers and are excited about the improved experience we can provide with our new version of interviewer training.

Untrained interviewers are one of the biggest barriers to team growth because if a candidate has a bad experience, they’re less likely to accept an offer. Untrained interviewers can also lead to poor hiring decisions and expensive mishires. By using ModernLoop training modules to build up trained pools of interviewers, companies can give candidates a consistent and great interviewing experience as well as a shortened time to hire by ensuring there is always enough interviewer capacity to schedule the next round of interviews as soon as possible.

And as a bonus, interviewers get a great experience too, since they can all share the load of interviewing with ModernLoop's interviewer load balancing scheduling algorithm. Talent leaders and hiring managers will feel at ease knowing there is an automated system that is training up interviewers in the background in a consistent, reliable, and automated way.

We’re amazed to see what our customers have accomplished with our product. With our seed round, we shared how we helped Chainalysis grow headcount from 200 to 300. Now, they’ve hired an additional 350+ employees with the continued support of our product.

As Amanda Segner, Talent Coordination Manager at Chainalysis added:

“The impact of ModernLoop on our interview process over the past year has been substantial. Our small but mighty recruiting coordination team has been able to efficiently and quickly schedule over 2,000 interviews in just the past 90 days! ModernLoop has helped the team book interviews confidently and efficiently across multiple time zones. The platform has rolled out helpful new innovations, like interview training modules, which help us continuously train new interviewers and expand interviewer pools, allowing us to scale more efficiently.”

Meanwhile, Brex has cut the industry standard ratio of recruiting coordinators to recruiters in half. Before using ModernLoop, each coordinator supported four recruiters – with our product, each coordinator can support seven recruiters. Because we eliminate so much of the tedious work that consumes their day, they’re able to take on almost double the work.

We’ve been completely focused on product and engineering up to this point a majority of our customer growth has been organic. The latest funding will allow us to make our first go-to-market hires in areas like sales and marketing, while we continue to invest in building the best technical team in the industry.

Today’s news is just a small step on our journey to transform recruiting operations so that companies can achieve their biggest ambitions. If you’re interested in seeing our product in action, sign up for a demo. If you’re as passionate about what we’re building as we are, check out our open roles and apply today – we promise you’ll have the easiest scheduling experience you could imagine!