Bryq: 1,2 million euros funding by Big Pi Ventures
Bryq, the greek origin (based in Cyprus) talent assessment company raised 1,2 million euros funding by Big Pi Ventures.
Bryq, through its platform, helps companies avoid possible prejudices that can “distort” a hiring process, while at the same time enables them to hire people that have specific qualifications and skills for each role.
The company that launched its platform last October, after two years of research and development, intends to use the new funding to expand and at the same time improve its product.
“Our experience has shown that the common denominator for all successful companies is talent – Bryq has impressed us with its ability to support talent decisions, providing its customers with a rare competitive advantage.The recent pandemic crisis and upheaval in the employment market make Bryq a necessary tool for a company.”, said Aristos Doxiadis, Partner of Big Pi Ventures.
It is highlighted, according to Bryq, that even before the pandemic, corporate jobs attracted around 250 resumes on average each. Now that the pandemic leaves a large number of people out of work, this number is expected to raise even more, so the companies will have to check each resume for about 7 seconds!Taking these into consideration as well as the difficulty that companies face to assess qualified candidates, Bryq estimates that almost half of the new hirings will fail within the first 18 months.
At the same time, a big number of candidates will be rejected either because their qualifications won’t be recognized or because some prejudices around specific issues will put up barriers hindering their hiring.With its platform, Bryq claims that it can provide solutions to all the above problems, connecting CEOs, HR professionals and other managers with data regarding a candidate’s personality and skills and therefore it helps the companies receive more efficient decisions.
Bryq’s assessment is performed through a chatbot and lasts 20 minutes.It is currently being used by companies in more than 15 countries and is positively rated by the 82% of the participants.