Egyptian jobs startup HireHunt has raised an undisclosed funding round from investment network Cairo Angels, which it will use for product development, customer acquisition and growth.
Launched in 2015, HireHunt is a recruitment platform where applicants can showcase their skills by completing tasks, after which they are findable and can be hired by employers.
The funding from Cairo Angels, plus a handful of individual angel investors, will be used to scale the startup further in what is a competitive market.
Cairo Angels chairman Aly El Shalakany told Disrupt Africa the investment network looked for three main ingredients when it came to backing a startup, namely an innovative and disruptive solution, a quality team, and a business model that is geared towards scalability and high growth.
“HireHunt satisfied all of these conditions with flying colours, so the decision to invest was an easy one in the end,” he said.
“We have very high hopes for the business and our objective is to help HireHunt achieve its ambition to become a global digital solution for the labour market.”
El Shalakany said with the world’s “ever insatiable demand” for innovation, talent acquisition and management, he was confident HireHunt would be an important player in this space.
This is Cairo Angels’ first investment of 2016, but El Shalakany said the network was on the verge of wrapping up a deal with a Jordanian startup as well as a promising fintech opportunity in Egypt.
“We are confident we can close three deals for this year, which is in line with our track record of three to four investments per year,” he said.