Saudi Arabia-based recruitment platform Elevatus nets $10.5 million in Series A

Elevatus, a Saudi Arabia-based recruitment platform that is streamlining the hiring processes for companies, has raised $10.5 million in its Series A funding round co-led by Global Ventures and Wa'ed Ventures, to expand its offering beyond the Middle East and North Africa region.

• The fund will be used to accelerate its business expansion and expand its market share, the HR tech firm claims. It will also be used to broaden its horizon, support product innovation, and bolster the advancement of its HR tech technology.
• Launched in 2019, Elevatus provides a technology stack that streamlines the hiring processes for firms. Its recruitment solution technology centralizes core recruitment functions and also enables companies to tackle hiring challenges and spend less time securing top talents.
• Elevatus' solution is currently being used by over 150 companies among which are Samsung, RE/MAX, Omantel, Arab Bank, Virgin Mobile, and King Abdullah University of Science and Technology and it has integrated its technology with tech companies like SAP, Oracle, Zoom, Slack, DocuSign, Google Meet, Glassdoor, and Indeed among others.
• With an increase in its employee base and AI algorithm accuracy from 65% to 94% over the last year, Elevatus provides two main AI-enabled SaaS solutions: EVA-REC, a product that helps companies to streamline recruitment processes such as creating requisitions, automating workflows, filtering resumes, shortlisting candidates, streamlining approvals, sending offers, and onboarding new recruits and EVA-SSESS, an AI-powered video interviewing software.
• The SaaS startup last raised its pre-Series A in July 2020, in a round led by Jasoor Ventures, which has also participated in the latest funding round. It looks on to expand globally and takes its offering into new geographies.