You’ve heard the classic dilemma before – a candidate accepts a job at one company, but is waiting for his or her top choice to get back to them. The only problem is that the company you’ve been accepted into is not willing to wait for your top choice to make the decision. For all those out there who are sick of this, there’s Vettery. Vettery, the hiring marketplace that empowers you to secure a position based on all the opportunities at hand, is dedicated to finding you that tech job you always wanted in the most enjoyable way yet. Vettery’s platform vets the system so you don’t have to.
AlleyWatch spoke with Brett Adcock, Adam Goldstein, and Clark Winter about the company and its latest funding.
Who were your investors and how much did you raise?
We raised $9 million of funding co-led by Greycroft Partners and Raine Ventures along with meaningful participation from Lightbank and Pritzker Group Venture Capital.
Tell us about your product or service.
We started Vettery because finding a job you love shouldn’t be an agonizing process. Our hiring marketplace lets you experience the job search in a better way. Employers reach out to you and you have the power to compare opportunities before choosing which you’re most interested in pursuing. No more filling out countless applications for roles only to never hear back!
Since launching, thousands of matches have been made on Vettery between talented candidates and top companies. We’re passionate about changing the recruiting landscape and making Mondays the happiest day of the week.
What inspired you to start the company?
We started Vettery because we were frustrated with the hiring process and wanted to create a better solution. Finding a job should be fun. It’s a chance to explore and discover what’s out there. Many aspects of our lives have been improved through a tight, uncompromising focus on user experience and the job search should be no different.
How is it different?
Vettery is a two-sided marketplace that allows companies to discover candidates and request interviews. We do not have job postings and companies do not provide us with job requisitions. The marketplace provides transparency, price discovery, ease of use, but most importantly intent. Imagine logging into a website that has high caliber talent, having transparency into the candidate’s compensation needs and knowing the candidate will speak with you. On LinkedIn you can’t tell which candidates are open to a conversation, and with agencies you get a broker pushing candidates down your throat. Vettery allows you to take control, and save a lot of money along the way.
What market you are targeting and how big is it?
Every year the U.S. spends $120 billion on staffing and $500 billion globally.
For perspective, there are 14 U.S. staffing firms that each generate more than >$1 billion in revenue per year.
What’s your business model?
For job seekers, the platform is completely free! We have two types of plans we charge to our clients, one on a per-hire basis and another annual all-you-can-hire subscription.
For companies looking to hire very opportunistically (1-2 candidates) we allow for a freemium approach where you can view the candidates and then pay a fee only if that candidate is hired.
For companies that are looking to fill several positions, we offer a subscription model that allows unlimited access and hires for a monthly fee.
What was the funding process like?
Raising capital is always harder than it looks. We are fortunate to have a very strong business model with a lot of traction, so that certainly made it easier. There will always be doubters but the key is find the believers. We were very fortunate to meet Ian Sigalow, co-founder at Greycroft, who instantly connected with us. We had a lot of interest in different cities, so we decided to pick partners in our target markets of NYC and SF.
What are the biggest challenges that you faced while raising capital?
We are always looking for the true “believers”. When pitching a VC, you are pitching a specific person at a fund, not the fund. Most partners make very few investments each year, so you have to make sure you are pitching the right partner (i.e., the one that can write the check) at the right firm at the right time. Beyond a good business plan and strong traction/metrics, it’s often a combination of luck and persistence.
In an effort to give back to future entrepreneurs, we released our Series A deck to the public this week.
What factors about your business led your investors to write the check?
Greycroft focused specifically on the team, business model and traction.
What are the milestones you plan to achieve in the next six months?
- Enhance the technology platform to manage interviews at scale
- Expand to new verticals, new cities
- Increase total customers from 1,500 to 3,000
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
In today’s environment having traction in a large market is imperative. There is so much noise out there with more and more companies getting funded, so you need something to stand out. If you can show a chart with key metrics going up and to the right, it will be very difficult to ignore.
Where do you see the company going now over the near term?
Currently we operate in two geographies (New York and San Francisco) and two hiring verticals (tech and finance). Our goal is to continue to grow in those markets, but also move beyond and showcase top candidates for numerous hiring verticals and cities across the world. Essentially, if you’re a growing team Vettery can be your one-stop shop for hiring.
What’s your favorite restaurant in the city?
But our second favorite restaurant is nearby the office… it’s a little Mexican bistro tucked away in an unfrequented corner of New York City’s timeless Union Square. This hidden gem, only known to well-informed locals, is affectionately referred to as “Chipotle”. We love it because it eschews the more trendy prix fixe menus of recent up-and-comers and bravely allows the guest to choose their own combination, a truly novel delight. The dish to order is their Insta-worthy deconstructed burrito, cleverly housed in a bowl.