A startup with dual headquarters in Los Angeles and Nashville has a fresh round of capital.
Human resources tech firm Clovers has secured a $15 million round of funding, according to a news release, led by venture capital firms Greycroft and Alpha Edison. Crosslink Capital, Acadian Ventures, Fika Ventures and Act One Ventures also participated in the investment.
Clovers' flagship platform is designed to make interviews more effective by providing real-time questions for interviewers during the interview, as well as post-interview applicant insights and post-interview coaching, according to the release. The company was co-founded in Dec. 2020 by former Cornerstone OnDemand CEO Adam Miller, Comparably co-founder and CEO Jason Nazar, Clovers CEO Doug Leonard and Clovers Chief Technology Officer Cihan Ucar.
The company has 30 employees total, with three in Nashville, including Leonard. The company expects to add three more employees in October, a spokesperson said.
Clover will use the funds for product development, hiring talent and marketing, according to the release.
“The modern workplace and its hiring processes are transforming, driven by technology advancements, the impact of COVID-19 and employee desire for a hybrid remote-office model. This is causing companies to rethink recruiting, looking for inclusive, equitable and insightful interviews,” Leonard said in the release. “Clovers is building an interview intelligence platform to address the massive shift made to hiring over the last 18 months. It is our strong belief that technology should not replace human decision making, only enhance our ability to fairly and accurately assess candidates.”
The funding for Clover’s hiring and interviewing platform comes amid a nationwide worker shortage that has forced many employers to raise wages and benefits in an effort to attract applicants. The Greater Nashville area’s unemployment rate dipped to 3.7% in July, according to the U.S. Bureau of Labor Statistics, down from a pandemic high of 15.8% in April 2020.
It also comes as businesses are more than ever focused on diverse and inclusive hiring practices.
“The Clovers team brings a vision for the future of human capital management backed by a differentiated product and a track record of building market-defining HR technology,” Nate Redmond, managing partner at Alpha Edison, said in the release. “Conversational and artificial intelligence create a tremendous opportunity to enable fair and equitable interviewing across nearly every industry. In a rapidly changing workplace, where employers increasingly benefit from reaching into new and diverse talent pools, Clovers is building a category-defining company.”
