- The Bulgarian talent matching app nPloy raised €2M from Morningside Hill and Blue Ocean Ventures.
- This is the first external investment for the bootstrapped company nPloy which is now valued at around €8M.
- The funding will be used to expand to the Romanian market.
The new investment of nPloy marks the 12th company in the portfolio of Morningside Hill, the investment intermediary of the Funds of Funds in Bulgaria (FMFIB), which has €38.5M in management and a term of 5 years. By 2024, the fund is expected to invest in around 15 more early-stage Bulgarian companies.
Founded in 2019 by the psychologist Konstantin Tsonev, the serial entrepreneur Boris Kolev, and the engineer Tsvetoslav Zahariev, nPloy provides young talents with a tool that matches their dynamic lifestyle and communication preferences. Later the co-founding team was joined by Teodor Todorov.
The app works similar to Tinder by allowing candidates and employers to swipe left and right depending on whether they want to match with each other and conduct an interview.
The reverse job application
When creating their profile in nPloy, employees and candidates set their requirements and let the algorithms do the rest of the job to match them. By doing so, the app improves the traditional job application process. It allows candidates to only see the positions which are suitable for their experience and preferences. On the other hand, it allows employers to only see the candidates which are suitable for the position.
Besides job matching, the app also has social features which allow users to engage in discussions about their professional interests. There are also different clubs where users can create and engage in common topics, and events sections for online workshops and seminars.
The SaaS business model of nPloy is also one of its differentiating factors. Companies that use the platform do not pay commissions for hiring employees, and instead, pay a monthly fee for using the app.
Traction and future plans
Since its launch three years ago, nPloy has won the trust of over 440 companies, has enjoyed a total of 85K downloads, and currently has more than 800 active jobs.
With the new investment, the team, which currently consists of around 30 people, will aim to expand outside Bulgaria. Their initial goal is to enter the Romanian market and after that make their solution available to more SEE countries.