CV Wallet, the skills-based hiring platform that harnesses the latest Web3 and AI technologies, has raised $1.1 million in an angel investment round.
This gives the business a pre-revenue valuation of over $7 million.
The start-up secured the funding in just two weeks, with the oversubscribed round closed early, following overwhelming interest. This is despite a tech funding crisis, which may last into 2024 according to experts.
The round has been supported by a small number of angel investors, all of whom had previously invested in ClickIQ, the programmatic recruitment advertising start-up. This was the earlier venture of CV Wallet founders, Richard and Beverly Collins. The duo sold it to Indeed in June 2019 just 800 days after launch.
They’re now expanding CV Wallet, which for the first time brings together jobseekers, employers, and assessors, to enable skills-based sourcing at scale in a way that’s fit for purpose in today’s world of work. By utilising the latest Web3 and AI technologies, CV Wallet’s mission is to create a fairer, more efficient and trusted hiring ecosystem.
Having just brought its team in-house, the plan is to use the funding to further CV Wallet’s jobseeker tools and rapidly develop its employer products and assessment provider partnership program.
Commenting on the funding, Richard Collins, co-founder of CV Wallet, said: “The speed at which we secured funding illustrates the scale of the problem we’re addressing – and therefore the opportunity to be part of the solution. Skills-based hiring is the future. It allows employers to pick jobseekers based on their ability rather than their background. In the new world of ChatGPT, which allows people to apply for many jobs quickly, we need Web3 technologies to verify the contents of CVs and keep the hiring process honest.”
Beverly Collins, co-founder of CV Wallet, added, “With this funding, we’re within reach of making CV Wallet the tool of choice for jobseekers, employers and skills assessors globally. It’s also a step in the right direction for female-led start-ups. As a co-founder, I believe it’s important investors recognise the talent on offer from female tech entrepreneurs and provide the resources needed to succeed.”