Today, Sprockets announced the closing of a $10 million Series A financing round, which enables the company to accelerate the transformation of a hiring process that’s fundamentally failing the nation’s hourly workforce. The round was led by Forte Ventures with participation from Healthy Ventures, Thayer Ventures, Lytical Ventures, Blu Ventures, and VentureSouth.
The investment comes after the SaaS company had tremendous success in helping companies thrive through the labor crisis and global pandemic. Sprockets’ hiring solution reveals which applicants are the right fit for each business’s needs, empowering them to build a strong and cohesive staff.
“Many employers feel handcuffed by government stimulus payments, COVID-19 shutdowns, inflation, and generational changes to candidate behavior. These factors have led to unprecedented challenges for millions of workers nationwide,” says AJ Richichi, founder and CEO of Sprockets. “There has never been a more dire time to change the broken hiring process that has stayed stagnant for years. This is the time for disruptive innovation.”
Sprockets’ Applicant Matching System uncovers which potential hires share personality traits with a location’s current top performers and assigns them “fit scores” from one to ten, depending on their likelihood of success. This enables customers to make smarter hiring decisions, ultimately improving employee retention by 43% and reducing time spent on the hiring process by 37%, on average. Richichi shares, “We are building a better way to hire hourly employees. Companies that deploy our software are statistically faster, less discriminatory, and less prone to error.”
Tom Hawkins, founder and managing partner of Forte Ventures, states, “The Sprockets technology solution is invaluable to hiring managers in QSR, hospitality, and multiple other industries with hourly workers. Imagine the change that Sprockets will have on worker satisfaction and career stability within a segment of the population that has historically been ignored by most of the HR tech players. We’re excited to have led Sprockets’ Series A financing and look forward to supporting the management team moving forward.”
Anya Schiess, co-founder and general partner at Healthy Ventures, adds, “Businesses need easier and faster ways of making good hires. Sprockets solves this problem with candidate-focused automation.”
Richichi concludes by sharing his gratitude and excitement for the future: “We’re challenging a hiring process that’s been static for hundreds of years, and we’re being rewarded with great customer traction. We’ve been fortunate enough to work with some of the world’s biggest brands, integrate with industry-leading technologies, and build a world-class team. We sincerely appreciate the overwhelming support from customers, partners, investors, and team members.”
This milestone is just the beginning of a solution that has massive potential to reshape the future of hiring.