RefAssured, a provider of automated reference checking solutions and performance insight for the staffing industry, today announced that it closed an oversubscribed seed round of $3.3 million, a milestone in the company’s rapid growth since it emerged from stealth two years ago.
RefAssured’s goal since its inception has been to propagate a system of record for talent performance insight for the staffing industry, the equivalent of the “back of a baseball card” for performance data. With millions of references already processed through the platform representing 20 million unique, structured data points on candidate soft skills, key attributes, team skills, and performance indicators – RefAssured provides an at-a-glance, 360-degree scorecard that answers two simple but mission-critical questions: can this person do the job, and how well can they do it?
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In turn, this actively refreshed, structured data can feed and inform more intelligent, trustworthy, and empathetic AI. Forthcoming product releases will accelerate not just the volume of data amassed, but also the functionality unlocked by it. As certain skills rapidly and, in some cases, unpredictably grow and wane in demand, this performance insight is the new currency of employability. It informs not just present-day hiring decisions, but can help define the jobs of the future and the talent best suited to excel in an environment of increasing complexity and ambiguity.
RefAssured’s automated reference checking platform is built for staffing, offering unique advantages to the agencies that rely on it, including Vaco, Kelly Services (SETT), Soliant, LRS, Ingenovis Health, Triage, and Fusion Medical Staffing. RefAssured delivers a competitive advantage to its customers by allowing them to not only understand the quality of their talent, but also combat candidate fraud and improve the velocity of the placement process, all while facilitating sustainable pipeline growth. The company has maintained an unprecedented 100% customer referenceability score to date, meaning that all of its customers say that they derive strong value and ROI from the platform and would recommend it to other staffing agencies.
The seed funding round was led by Dogwood Ventures with support from HighSage Ventures. Strategic investors who participated in the round include: Bullhorn Ventures, LocumTenens.com, Jeff Bowling, Dan Campbell, Jeff Harris, and Belal Badat Ventures.
“I don’t take for granted the position that we’re in as a business that led us to this moment,” said Brian Vesce, CEO of RefAssured. “We are financially disciplined entrepreneurs who are dedicated to our customers and exceeding their expectations. Once we reached cash-flow breakeven, we wanted to raise a responsible amount of capital that would allow us to accelerate our operating and product development capacity. We also wanted to partner with investors who would lock arms with us and complement the culture and organizational values that we’ve worked very hard to build.”
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