Sofia Angels Ventures – New Investment Press Release
In June 2023 Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, announced its ninth investment – Undelucram.ro.
Lead investor Sofia Angels Ventures, along with Gapminder VC, Head North SRL, technology start-up co-investment platform Seedblink and one international business angel invest 1,000,000 euros in the Romanian start-up.
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 Central and Eastern Europe, 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.
„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”, says Costin Tudor, CEO of WhereWeWork.com platforms.
„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 in digital marketing services, but also in technology and HR, takes risks and wants to grow fast. We believe that this investment can give us a good return on investment, the development plan is realistic and validated by the market„, said Milen Ivanov, Managing Partner Sofia Angels Ventures.
The company began expanding outside of Romania in 2019, initially in Central and Eastern Europe, and from 2022 outside of Europe. Thus, the network currently has operations 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).
WhereWeWork platforms are in local languages and are tailored 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.
June 2023
Sofia
