Bulgarian startup nPloy secures follow-up investment exceeding 1.5M euro

Following a successful initial investment round of two million euro in August 2022, innovative Bulgarian job matching platform nPloy has secured follow-up funding of more than 1.5 million euro to fuel further expansion into new markets, the company said in a media statement.

The primary investor for the additional funding remains the Bulgarian VC fund Morningside Hill, with the current investment tied to the achievement of key success indicators set in the initial round.

Over the past year, nPloy has witnessed high interest and received exceptionally positive feedback in Romania, resulting in a 160 per cent increase in the platform’s user base, the statement said.

Additionally, the team implemented several key technical enhancements and introduced new features, it said.

In 2023, nPloy evolved into the most integrated platform for working with internal HR systems (ATS) globally. The platform now offers integration with all major HR selection systems, including SuccessFactors, Workday, Lever, and more than 40 other systems.

The newly acquired financial resources will be invested in executing the company’s marketing strategy, which includes a projected candidate base growth of more than 300 per cent in Bulgaria and more than 10 times in Romania over the next two years. In the Romanian market, the company aims to establish itself as the preferred platform in the BPO industry, with plans for aggressive market entry in 2025.

“The current investment in nPloy is a step forward in our development and a key element in achieving our ambitious goals,” nPloy’s co-founder Konstantin Tsonev said.

“Looking to the future, we continue to optimize all micro-processes in recruitment and job search. Soon, we will begin working on analytical functionalities of the platform, providing valuable real-time information on the labour market trends for both companies and candidates, making the job market more transparent and accessible,” Tsonev said.

Currently, nPloy is used by more than 150 000 users and more than 1200 employers in the country, including SAP, Postbank, Accenture, among others.

The statement said that the platform offers an extremely transparent and efficient selection process.

Companies gain access to each candidate’s professional experience and skills, excluding personal data such as names, gender, age and current employer.

That guarantees maximum objectivity and fairness of the process to avoid unconscious bias, the company said.

Employers also have access to the anonymous candidate pool of all users to filter and analyse the market potential of each vacancy they plan to post.

(Photos: Provided)

The Sofia Globe staff

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