ClearFit Inc., a developer of human resources software for the construction, retail, restaurant, hospitality, and franchise industries, has raised C$7 million in Series A financing from GrandBanks Capital and Relay Ventures. ClearFit, which has offices in San Francisco and Toronto, previously raised C$1.7 million in late 2012 from Relay and a group of Toronto-based investors.
ClearFit Secures $7 Million in Series A Funding
Funding from GrandBanks Capital and Relay Ventures will help ClearFit to grow team and fix North America’s hiring problem for the construction, retail, restaurant, hospitality, and franchise industries.
TORONTO – March 21, 2013 – ClearFit, the company that makes it easy for organizations to find and hire the best person, has closed a $7 million Series A round of funding from GrandBanks Capital and Relay Ventures.
Over eight thousand businesses use ClearFit. The company offers a free trial that can be set up in a quarter of the time of a traditional job posting, then — with partners like Monster.com and CareerBuilder — helps find candidates. ClearFit’s patented software then uses data analysis to predict employment success five times better than traditional hiring, all included in the cost of a regular job posting.
Tim Wright, partner with GrandBanks Capital, will join the ClearFit board. Wright has over twenty years of operating experience in various technology industries and his significant operational experience and work in the human capital management (HCM) space offer strategic alignment with ClearFit’s focus on small businesses.
“Small businesses are inadequately served by large, enterprise hiring software. ClearFit puts enterprise-class capabilities within reach and tailors them directly to the needs of small business owners,” said Tim Wright, partner with GrandBanks Capital. “They are addressing a massive sector of the economy that does not have a capable solution.”
ClearFit addresses a $60 billion underserved market, delivering a tailored hiring solution to construction, retail, restaurant, hospitality, and franchise customers. The company previously raised $1.7 million in late 2012 with investments from Relay Ventures and a group of prominent Toronto investors.
“We’ve experienced incredible growth this year and we’re scaling ClearFit to keep up with demand,” said Jamie Schneiderman, co-founder of ClearFit. “Scaling this quickly would be impossible without our own product to help us find the best people for our culture.”
ClearFit is building a unique organizational structure, designed to appeal to entrepreneurial talent. According to Ben Baldwin, co-founder of ClearFit, “an increasing number of enterprising young people are choosing incubators and accelerators over continuing school or traditional entry level jobs. We’re attracting this talent by allowing young entrepreneurs to run a vertical business within ClearFit.”
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