Praetura Ventures has, together with Blackfinch Ventures, led an investment round that has delivered £4m funding to digital recruitment app Placed App.
Placed App seeks to attract Gen Z by bridging the gap between employers and would-be-recruits through quizzes to assess job suitability and hosting engaging content from employers.
The platform, which counts PizzaExpress, O2, Sky, Lidl and Greene King among its clients, uses a matchmaking algorithm and machine learning to connect candidates to their perfect role, much like how Spotify or Netflix serves content to viewers.
The funding will help Placed App to develop its proprietary software and launch new features, and expand its team.
As part of the round, two new non-executive directors will join Placed App’s board, including Dominic McGregor, co-founder of Social Chain and operational partner at Praetura Ventures. Dominic will be joined by recruitment tech veteran, and Blackfinch Venture Partner, Bill Boorman who has been a thought leader in the industry for decades.
The latest investment takes the total amount to £7m raised by Placed, at a time when most employers are still recovering from Brexit and the Great Resignation, which saw 210,000 people leaving the service sector during lockdown.
In addition, ONS data shows there are 180,000 unfilled vacancies across hospitality, resulting in bar and restaurant closures that have so far cost £21bn in lost revenue.
Jennifer Johansson, founder and CEO at Placed App, said: “The staffing crisis in the service sector is a real issue for the growth of the UK economy. At Placed, we are incredibly proud to be at the forefront of driving innovation to support these industries, and we have seen immense demand for our business in the last 18 months.
“We are very excited to welcome Praetura Ventures and Blackfinch Ventures to the next phase of our journey. Their support will help us to fuel further growth, including our plans to double our head count in the next year, and to develop our product features.”