The lead investor in this round was Sofia Angels Ventures, a Bulgarian investment fund that invested EUR400,000. They were joined by the investment fund Gapminder VC (EUR200,000, its third investment in Undelucram.ro), Head North (EUR200,000), the technology start-up co-investment platform SeedBlink (EUR100,000, follow-on) and a business angel (EUR100,000).
Undelucram.ro has so far attracted four rounds of investments totalling EUR2 million, the others being in 2017, 2019 and 2021.
“This is our fourth investment round and we are glad to have long-standing partners with us, partners who have trusted us for the second and third time and who know that a dream like labour market transparency can take years. We will continue to expand regionally, to invest in machine learning and AI, but above all we will continue to provide information that really makes a difference for our users whether we are talking about employees, future employees or employers”, said Costin Tudor, founder and CEO of Undelucram Platforms.
Undelucram.ro was launched in 2011 by entrepreneur Costin Tudor, and has become the regional network of online employer branding and recruitment platforms WhereWeWork.com. It provides information about employers, salaries, benefits and how job interviews are conducted. Undelucram has the largest online employee community in Romania and one of the largest in CEE, with over 1.5 million employees on the platform regionally. The company’s management aims to have more than 4 million users and a thousand customers by the end of 2024.
The company began expanding outside Romania in 2019, initially in CEE, and, since 2022 outside of Europe. Thus, the network currently activates in 14 countries: Romania, Bulgaria, Hungary, Greece, Ukraine, Moldova, Czech Republic, Poland and the MENA area (Algeria, Egypt, Morocco, Tunisia, Saudi Arabia and the United Arab Emirates). The company will also expand into new markets in Asia.
“Undelucram has developed a business with a growth model with very high potential for scaling in the HR field thanks to developing a new, transparent way of interacting between employers and employees. We really liked the fact that the team is very savvy about digital marketing services, but also about technology and HR, takes risks and wants to grow fast. We believe this investment can give us a good return on investment, and the development plan is realistic and validated by the market”, said Milen Ivanov, Managing Partner Sofia Angels Ventures.
The WhereWeWork platforms are in local languages and are customized to each country. The community operates on a business-to-business model based on an annual subscription and the service is available in both the employer branding and online recruitment areas. The platform is based on machine learning algorithms and aggregated user data, matching the interests of candidates in the job market with those of employers.