Haystack, a Newcastle-based digital recruitment platform for tech roles, has raised £500,000 in a funding round to fuel its expansion into the US market.
Founded mid-pandemic in 2020, Haystack uses an algorithm to match data engineers, software developers and other tech professionals with jobs. The startup claims its tech removes the need for recruitment agencies.
Tech professionals can either publicly display their details for employers to view or withhold personal information to privately assess the job market.
“Remote working means developers are no longer limited to one location. Haystack offers a ‘safe space’ where our community can research the different opportunities without being bombarded by calls from recruiters,” said Chris Bone, CEO of Haystack.
“Feedback from our multinational clients shows there is an opportunity to offer the same service in other countries. This new investment will enable us to target the US initially with a view to moving into Europe at a later stage.”
The funding for the Newcastle-based startup came from the North East Venture Fund (NEVF), which is managed by Mercia and supported by the European Regional Development Fund.
“The Haystack team have created a genuine alternative to recruitment agencies – one that offers a better experience for job seekers and allows employers to target a broader range of candidates while reducing costs,” said Ian Wilson, fund principal at Mercia.
“The funding will help the company to embark on international expansion and take the business to the next level.”
The North East Venture Fund is an investment programme that supplies funding to British startups based across Durham, Northumberland, and Tyne and Wear.
In January, the North East Venture Fund backed the Gateshead-based workplace wellbeing app ART Health with an £800,000 investment.