The global labor force is believed to have been hit with a common challenge to overcome in recent years, which actually hit a tipping point in 2022. In the same vein, it’s understood that there is a global war for talent as shortages, and the tech space is particularly hit by it, and companies are increasingly looking for new ways to hire, hence, startup Adway is poised to bridge this gap.
In this regard, hiring basically focuses on a generation of new talent and meeting a new era of requirements while adopting a new approach.
Gen Z’s and Millennials are understood to have one thing in common: social media. Growing up with social networks at their fingertips, the social platforms are used by these generational cohorts primarily to connect on a personal and professional ground, and go a long way in building trust and legitimacy. In view of this, Swedish Adway developed a solution having considered the wider context of the talent crisis, and has just raised a $10 million Series A fund to scale.
The fresh fund was led by ‘Octopus Ventures’, and also witnessed the participation of existing investors Brightly Ventures’ and ‘Spintop Ventures’.
Founded in 2018, startup Adway’s automated social recruitment marketing solution is taking a new dimensional approach to the recruitment space. This aims to address growing hiring challenges like Gen Zs preference for social media to make connections with companies and traditional avenues.
The subject platform enables talent and recruitment leaders to attract talent at scale and speed as the tech eases talent acquisition procedures while building deep, diverse social talent pools, reduced cost per hire, and getting rid of the reliance on traditional talent attraction coupled with acquisition methods and tools.
“Our sophisticated platform dynamically combines digital and programmatic advertising technology, with branded ad content to continuously discover the most effective journey for each candidate. Our clients see an increase in diverse, relevant applications and can build sustainable talent pipelines that enable them to continue to tell their employer brand stories with reach and resonance”, Adway’s CEO, ‘Adrian McDonald’.
Adway’s platform essentially combines digital advertising capabilities alongside a deep knowledge of recruitment and talent acquisition. The company is also believed to have been growing fast from its Swedish riots, which is recognized lately as a Core Leader by tech analysts, ‘Fosway Group’, noted for high levels of customer and market performance coupled with providing a strong suite of capabilities for clients across the world – attraction to hire.
Investment Manager at Octopus Ventures, Adam, made clear: “The challenge of accessing and attracting top talent is a growing problem for organizations globally. Intense competition, the growing shortage of talent and traditional job boards losing audiences are all additional factors to this challenge. Millennials and Gen Zs are further relying on social media to build trust with future employers, and the pandemic has allowed companies to embrace flexible working”.
The fresh fund will be deployed by the innovators significantly to accelerate and scale the subject platform. In view of this, funding will be put forwards to develop the product suite and its expansion into global markets.
“We were deeply impressed with the combined digital advertising and HR-Tech expertise of Adway, with the team’s passion and insight we are confident Adway will take the industry by storm”, Adam noted.
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