Job Matching Chatbot MeetFrank Raises $1.1 M
Voice assistants and chatbots in the enterprise have focused on making tedious, day-to-day tasks easier for employees. MeetFrank is a chatbot that aims to do this for companies who are looking for new talent and for those who are also looking to be future employees. The company recently raised a $1.1 million funding round from Hummingbird VC, Karma VC and Change Ventures to expand across the European market. Currently MeetFrank has about 125,000 active users in six countries with 2,000 companies using it to try and find new talent.
The Passive Job Seeker as a Target Market
One of MeetFrank’s key differentiators, aside from its artificial intelligence assistant Frank, is that its target market is “passive job seekers” – those that would switch jobs if an ideal opportunity presented itself. MeetFrank clients write comprehensive job descriptions for roles they would like to advertise, including the salary range for the advertised position. This is because MeetFrank has found that the number one reason to switch or not to switch jobs is salary-based.
On the talent side, MeetFrank is completely anonymous at first. Job seekers simply fill out a questionnaire through the chatbot, including skills and experience which are chosen from pre-set lists, and stating their current job title and salary. Frank the chatbot also asks the talent what it would take to switch jobs, whether it be an increase in salary, a new city or a different kind of company culture.
Disrupting the Resume
MeetFrank has already moved beyond the pre-revenue phase and is now charging employers to advertise positions on its app. The service remains free however for talent. One can see the benefits for both employers and future employees. For employers, MeetFrank is a way to see what salary range and other benefits will work best to attract top talent without having their human resources team sift through many resumes and interviews to figure out what works. For those passively seeking employment, it can help them recognize if they have a good thing going or if it’s time to move on from their current job. This can also help companies keep top talent.
The resume is still the top asset employers use to hire new employees. MeetFrank looks to disrupt that by seeing if an employee is a fit first, then getting to the details of a resume second. “We believe that the new-aged classifieds will only monetize on that kind of on-demand model and should only pay when they find us useful. This also lowers the barrier of entry to most of the start-ups and allows them to vet the market and get visibility with low budgets,” co-founder Kaarel Holm told TechCrunch in a recent interview.