Estonia-based VideoCV announced a USD $496K Pre-seed round of venture capital for its video recruiting tech. A quick review of its website and founder interviews supporting its funding announcement reads like a new version of the 1980s music hit from The Buggles, “Video Killed the Radio Star.” This time renamed “Video Killed the Resume Star.”
VideoCV’s messaging bounces between the digital interview and employer branding landscape. We’ve seen music videos like this before.
First, they’re out to kill the resume. Co-founder Hans Kristjan told Zephyrnet, “VideoCV has replaced traditional cover letters with short asynchronous ‘Cover Videos,’ moving the personality, character, and motivation to the very beginning of the recruiting process.’’
Next, they’re going to make better selections than the humans can. On its website claiming to “increase your hiring productivity by quickly revealing candidates’ social qualities without meeting them directly,” presumably based on the AI and machine-learning they stress is involved in the process.
They also promise to help employers stand out with their own video based job ads and descriptions. Ultimately promising to automate manual tasks while delivering rich analytics.
That’s a LOT for a startup in Estonia raising $500K of pre-Seed funding. Fresh eyes entering the space is what breeds innovation. Founders’ passion, even hubris, is what fuels them to put in the work against all of the odds. If the founders of VideoCV see this, I hope they don’t read this as a critique of the new or their overall approach. Rather, a challenge to do better researching what’s in the market today, what approaches video-based assessments have brought lawsuits and negative press, and what their competitive landscape looks like beyond northeastern Europe.
$582 million was invested globally in recruiting technology during 2021 Q1 alone. In total $2.7 billion was invested globally in work tech during Q1. Get the WorkTech free report and analysis here.