Wednesday, August 27, 2008

Zapoint recruits Florida VC for $1.2M first round

By Mass High Tech Staff

Employee recruiting software maker Zapoint Inc. reports that it has closed a $1.2 million Series A round of financing led by Florida-based HFF Investments Corp.

Brookline-based Zapoint will use the new financing to speed up its product development and expand its talent platform, company officials said.
 
Zapoint, which employs eight workers, was founded in 2007. Its software is designed to apply algorithms to information on resumes, to help employers compare job candidates.

Zapoint’s software was developed with the help of a $250,000 angel investment raised by founder and CEO Chris Twyman, former senior director of solutions marketing for New York-based CA Inc. He also helped launch UrbanFox, a United Kingdom-based online trading solution for telecommunication carriers.

Zapoint’s revenue is generated from fees paid by recruiters, which range from $2,000 to $5,000. Posting resumes is free, and workers who are selected by employers receive a $1,000 reward, officials said.

Competition among automated hiring software companies in New England, however, is growing. In 2006, Ireland-based recruitment software maker, Candidate Manager Ltd., opened a North American headquarters in Boston. And in 2005 H Three Inc. opened for business in Cambridge with a referral reward payment software system.

Other New England competitors include Zoom Information Inc., BrassRing LLC and Authoria Inc., all based in Waltham. Wayland’s Softscape Inc. and Auburndale’s Deploy Solutions Inc., also develop human resource software, including recruiting.