Adway, a Swedish automated social recruitment marketing solution which empowers talent and recruitment leaders to attract talent at scale and speed, has raised €10 million in its Series A funding round led by London-based Octopus Ventures (that backed Delio, Touchlab, and Intigriti).
The round also witnessed participation from existing investors – Brightly Ventures and Spintop Ventures.
With the new fundraising, the company plans to accelerate and scale the platform, further develop the product suite and support continued expansion into international markets.
Founded by Richard Sörensson and Viktor Nord in 2018, Adway changes the way people recruit through technology. The platform has a diverse team comprising 35.8% females. It combines social media job advertising, automation, advanced machine learning software, and expertise. With its tech, the startup makes talent acquisition simpler, smarter, and more successful.
Adway’s smart technology simplifies talent acquisition processes while building deep, diverse social talent pools, reducing cost per hire and removing the reliance on traditional talent attraction and acquisition methods and tools.
Commenting on the funding, Investment Manager, Octopus Ventures, Adam Said, said:
Accessing top talent was a “growing problem for organisations globally”, with greater competition for hires and talent shortages in certain labour markets. Millennials and Gen Zs are further relying on social media to build trust with future employers, and the pandemic has allowed companies to embrace flexible working.
Headquartered in Gothenburg, Adway is noted for the highest levels of customer and market performance and provides a strong suite of capabilities for clients across the world, from attraction to hire. Its sophisticated platform dynamically combines digital and programmatic advertising technology, with branded ad content to continuously discover the most effective journey for each candidate. The HR tech firm also reduces the cost per hire and removes reliance on expensive sourcing tools.
Last year in June, Adway had raised €3.2 million in a funding round led by Spintop Ventures and Brightly Ventures to accelerate their product innovation and international expansion.