PureGym founder backs funded start-up JobLab
Tech firm JobLab has reached its £200,000 crowdfunding target within just two days of the campaign going public.
London-based JobLab, which pays candidates to look for graduate jobs, has been backed by Peter Roberts, serial entrepreneur and founder of PureGym.
“The new types of businesses that will have market share will have found a way to align themselves so that every side is getting net positive value,” he said.
“JobLab adds value to employers, to candidates and to the business and ultimately investors. I know a winner when I see one.”
The investment round, also endorsed by former UCAS chief executive Mary Curnock Cook, has attracted huge support since it was opened to the public on Crowdcube.
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The platform, co-founded by Aidan Cramer, is turning graduate recruitment on its head by enabling fast-growing start-ups to find and hire candidates who are increasingly turning their back on corporate jobs and graduate schemes.
JobLab incentivises graduates to upload ‘video cover letters’ and interact with prospective employers. The more they engage, the more JobLab Tokens – exchangeable for cash or crypto – they receive.
The platform has 32,000 members, its ‘Time to Offer’ is just 16 days, and its job-response rates are five times better than those of LinkedIn, its largest competitor.
CEO Cramer said: “We’re overwhelmed by the support we have received over the past couple of days. Our revenue has grown by 240 per cent in the last year, and alongside that we have been receiving a huge number of requests from our community asking how they could get involved in our long-term plan.
“We wanted our community to have a stake in JobLab, which we firmly believe is the future of graduate recruitment, so we needed a platform to give them the opportunity to invest in and own some of the company.”