The startup, which helps companies tweak job postings to get a better pool of qualified candidates to apply, raised $20 million from Silicon Valley firm Scale Venture Partners, as well as from existing investors.
In a competitive job-hiring market, investors are taking notice of Seattle startup Textio, which helps companies tweak job postings to get a better pool of qualified candidates to apply.
The startup raised $20 million from investors Wednesday to keep developing its “augmented writing” technology and expand it beyond job postings.
Textio lets people enter their text into a word-processor online, where its technology analyzes it — comparing the writing against millions of similar posts and the applicants they attracted, and predicting outcomes. The analysis is in real-time, so a customer can see the effect of making changes to the job posting.
Some words are likely to appeal to different genders or ages or experience levels. Textio lets you know.
Most Read Business Stories
- Stunning messages from 2016 deepen Boeing's 737 MAX crisis
- Gig Harbor, other cities feel steamrolled by FCC rules on accepting 5G cellular technology
- Trump drops plan to host G-7 at Doral
- Economists identify an unseen force holding back affordable housing
- A home solution to ransomware attacks? Not necessarily. | Q&A with Patrick Marshall
The startup says its service helps companies attract 25 percent more candidates who are qualified to get a job interview, a valuable asset in the heated job market that helps employers fill jobs two weeks quicker than they would otherwise.
It’s also addressing gender diversity within the technology industry, a major issue facing the fast-growing sector, by pointing out to recruiters what language might encourage women to apply.
A Textio report released earlier this month listed the most eye-catching and biggest turnoff phrases in recent Seattle job posts. Applicants responded positively to phrases such as “self starter,” “gender identity” and “data driven” and shunned “highly motivated,” “strong analytical” and “technology solutions.”
Textio’s customers, which include Credit Suisse, Johnson & Johnson and CVS, are eager to apply the service to other areas of their businesses.
People have already started putting different types of writing into the system, said CEO and co-founder Kieran Snyder. But right now, Textio’s publicly available service is trained only to analyze job posts. That will soon change.
The startup is working on building its system for other types of business writing, including crafting sales emails and other communications with job candidates.
“Whatever business you’re in, text is the thing you’re making the most of every day,” said Snyder, who holds a doctorate in computational linguistics and is a former Microsoft program manager.
Snyder started the company in 2014 with co-founder and fellow Microsoft veteran Jensen Harris, who is the company’s chief technology officer. Textio has about 40 employees and will likely grow to 60 by the end of the year, Snyder said.
Textio raised its latest funding round from Silicon Valley firm Scale Venture Partners, as well as existing investors Bloomberg Beta, Cowboy Ventures, Emergence Capital and Upside Partnership. Textio has raised $29.5 million total.