Gradfuel, the innovative data-driven graduate hiring platform, has successfully secured £200k in seed investment amidst ongoing market uncertainty in light of COVID-19. The graduate recruitment platform, valued at £1.05 million, has fuelled interest from investors and top-tier employers alike. Investors from a range of backgrounds, including ex-Managing Directors from J.P Morgan, Merrill Lynch and Goldman Sachs, as well as early investors for Patch Plants and Mindful Chef, have backed the company in its seed round.
Based in London and founded by Elliot Mitchell, an entrepreneur and graduate from Cardiff University, Gradfuel acts as an intelligent personal job assistant for recent graduates. The career matchmaking service is conducted by their chatbot, which factors in job seekers details from degree history, work experience and skill sets. Graduates are able to further personalise their job search by conducting a Myers Briggs personality test, which identifies the career options that would suit their personality best.
Since its inception, Gradfuel has guided over 10,000 recent graduates and worked with significant companies within the space, which includes global consultancy firms such as Capgemini, leading recruiters Venatrix and Give A Grad A Go, tech companies, start-ups and more. The investment interest in Gradfuel comes at a time when the Institute of Student Employers (ISE) has revealed a cut to entry-level jobs by 23%, with graduate jobs affected by a further cut of 12%. However, Gradfuel has recognized this as a crucial time period to launch the platform, in order to help aid employment and provide ongoing support for both graduates and employers.
Elliot Mitchell, Founder of Gradfuel, commented: “This is the start for what we envision an evolving success story for graduates and companies alike. We pride ourselves on offering a unique, democratised model to the graduate recruitment market, focusing on the strengths and personality traits of recent graduates and working closely with employers to identify the applicant that would flourish at their company.
“This latest investment round will continue to grow Gradfuel’s employer portfolio and help improve their technology around guidance for graduates as they start their careers.Our investors believe in our vision and we’re confident in our ability to provide support for graduates by guiding them into their next chapter.”
Dan Doherty, Recruitment Manager at Capgemini, commented: “Capgemini is committed to ensuring the employment of young talent into the company, and as such, we are excited to be partnering with GradFuel and using their data-driven graduate hiring platform. Importantly, it will allow us to attract diverse talent from all backgrounds and across the UK, thanks to GradFuel’s online presence and matching abilities. It will be exciting to see how they progress their platform, to help bring together diverse talent and companies like ourselves”
Patxi, Private Investor, commented: “The lack of guidance about career paths for graduates is enormous. We believe in Gradfuel’s vision and ability to match candidates’ profiles with job opportunities in a much more effective and cost-efficient way than traditional channels, benefitting both job seekers and employers.”