Today, we officially closed our Series A funding at $10mm with participation from Forte Ventures, Healthy Ventures, Thayer Ventures, Lytical Ventures, Blu Ventures, and VentureSouth. The investment will help Sprockets further help business owners hire and retain the very best hourly employees, even during a labor crisis.
Sprockets CEO and founder AJ Richichi said, “We are building a better way to hire. This capital will help us bring an equitable and efficient hiring process to millions of companies and job seekers nationwide.”
Our hiring platform reveals which applicants are right for your needs, empowering you to build a strong, cohesive staff that will stay long-term. Trusted by some of the world’s biggest brands, it’s proven to boost 90-day employee retention by an average of 43%.
What Does This Mean for You?
Sprockets understands the frustrations you are currently facing at your business are so much more than not knowing how to staff during unprecedented times.
“Many feel handcuffed by government stimulus payments, COVID-19 shutdowns, inflation, and generational changes to candidate behavior,” Richichi explained. “Companies that deploy our software are statistically faster, less discriminatory, and less prone to error.”
This round will allow Sprockets to undergo dramatic growth and expansion in order to lessen your hiring headaches and ensure an easy, seamless use of our hiring platform.
Our Growth and Accomplishments
The funding comes a few months after we achieved 10x growth at the peak of the labor crisis.
Sprockets helped thousands of customers and hundreds of thousands of candidates in the QSR and hospitality industries in 2021. We are so proud of what we have accomplished but know there is much more work to be done.
“We sincerely appreciate the overwhelming support from customers, partners, investors, and team members,” Richichi said, expressing his gratitude.
Our company is also lucky to have investors who share our passion for fixing a broken hiring process. Tom Hawkins, founder and managing partner of Forte Ventures, states, “The Sprockets technology solution is invaluable to hiring managers in QSR, hospitality, and multiple other industries with hourly workers. Imagine the change that Sprockets will have on worker satisfaction and career stability within a segment of the population that has historically been ignored by most of the HR tech players. We’re excited to have led Sprockets’ Series A financing and look forward to supporting the management team moving forward.”
Other investors who participated in our Series A round can attest to Sprockets’ success, particularly in the face of a labor crisis. “Businesses need easier and faster ways of making good hires,” Anya Schiess, co-founder and general partner at Healthy Ventures said. “Sprockets solves this problem with candidate-focused automation.
Richichi, along with the rest of the Sprockets team, is grateful for this rare opportunity. “We are challenging a hiring process that’s been static for hundreds of years, and being rewarded with great traction,” he said. “We’ve been fortunate enough to sign the world’s biggest brands, integrate with industry leading technologies, and build a world-class team.”
Hiring Success Story: 95% Employee Retention in 90 Days
We recently helped a 50+ location Bojangles group achieve 95% employee retention in just 90 days. With the help of Sprockets’ Applicant Matching System, the franchise was able to achieve an ROI of 14x and uncover over $134,000 in savings. The employees they hired with Sprockets stayed longer than those who were hired without, proving the ability of our platform to accurately predict applicant success and increase employee retention. It’s possible for your business to achieve similar success. To learn more about how our AI-powered platform can help change the future of your own hiring, schedule a free, 15-minute demo here.