Recruiter.com, released its January 2021 Shareholder Letter highlighting its 2020 accomplishments and outlining its plans to achieve $40M in run-rate revenue along with profitability.
“Our corporate mission aligns with our nation’s mission at this historic moment. As the country seeks to rebuild in the aftermath of the pandemic, we will drive the effort to re-hire millions of people and provide new economic opportunities for the next generation,” said Evan Sohn, CEO of Recruiter.com. “As a destination website for all things recruiting (last month, we generated $4M in organic [free] traffic according to SpyFu.com), we believe Recruiter.com is uniquely positioned to generate significant revenue by helping employers, candidates, and recruiters make meaningful employment connections. In 2020, we helped top companies find call center operators, nurses, mortgage professionals, IT engineers, and even a rocket scientist. We also helped our network of small and independent recruiters earn thousands of dollars in fees during a year when the recruiting industry was hit hard.”
A few of Recruiter.com’s 2020 accomplishments:
- Year-over-year revenue growth (through Q3’20) of 50.9%
- Grew gross profit by 43% (through Q3’20) to over $1.6M
- Grew website recruiter platform users to >27,500 recruiters
- Grew social media recruiter community to >835,000 members
- Signed new clients and serviced 20 Fortune 500 companies
- Launched Video SaaS offering with 40+ trials underway
- Added artificial intelligence to search over 500M candidates
In Q4, Recruiter.com announced three new initiatives:
- Recruiter.com On Demand is a gig platform where recruiters deliver all forms of recruiting services, from sourcing to full talent acquisition. Recruiter.com On Demand enables employers to engage recruiters of their choice on a per-project or time-based basis, with Recruiter.com managing the entire process and paying the recruiter a percentage of revenue. All Recruiter.com On Demand gig recruiters have access to the Recruiter.com AI and Video platforms to improve their success rates. The On-Demand recruiting industry is a $5B sector.
- Recruiter.com Video is a video-hiring SaaS platform allowing employers and recruiters to screen candidates using a simple video. Enterprises pay a monthly subscription ranging from $1.25 to $2.00 per candidate video. With millions of people to be hired in the next 24 months, over 40 million people hired annually (2019 voluntary turnover was 27 percent), and an average of 30 candidates per open job, the no-setup platform (currently being resold by SAP in the SAP AppCenter) and growing database of video resumes provides a key advantage for Recruiter.com. Given the shift to remote work and recruiting teams’ desire for efficient hiring technologies, Recruiter.com believes that recruiting with video will become part of the standard interview process.
- No Resume Required (noresume.co) is an initiative launched earlier this year to assist the millions of unemployed people in finding meaningful employment by capturing video resumes to the Recruiter.com platform. In turn, employers can access this growing list of curated videos to find talent. Serving one of the most underrepresented segments of the workforce (those without resumes), Recruiter.com believes No Resume Required is a real disruption to antiquated hiring methodologies.
Sohn concluded, “We intend to achieve significant organic and inorganic growth in 2021 by building on our success in 2020, leveraging our stock to acquire complementary businesses, and capitalizing on our recruiting-industry position and strong technical capabilities. We set off in 2020 to build out our platform, have scalable revenue, and end the year with a $10M revenue run rate and a path for liquidity. With our S-1 filed and our 2020 objectives attained, our 2021 objectives are clear: continue to scale our platform revenue to a $40M revenue run rate, achieve cash flow profitability, up-list on a national exchange, and continue to unlock the longer-term value of Recruiter.com as a billion-dollar brand.”
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