Recruitment tech start-up, Syft, secures £6.1 million in series A funding from the likes of boxer David Haye and an early backer of Spotify. The London-based start-up is a recruitment platform for employers and temp staff in the hospitality and events sectors without middlemen.
The round was led by Creandum, along with PROfounders Capital and Colle Capital. Previously, Syft was backed by Haye and Lord Young, bringing the total investment into the company to date to £8.7 million.
Syft charges a 15 per cent fee on top of worker wages, which means that workers get paid at a higher rate than the industry standard; a minimum of £8.50 per hour. The start-up justifies this by cutting out temp agencies and recruiters in the job matching process. Syft allows employers to see exactly who they are booking, including skill sets, previous experience and ratings, and job seekers can see exactly who they are working for and what the role involves prior to the shift.It uses a transparent rating system for quality control, revealing the performance level and motivation of workers on the platform as well as the nature of the jobs posted.