“The secret of my success is that we have gone to exceptional lengths to hire the best people in the world.” – Steve Jobs
NO-CV: So let’s make those “lengths” shorter!
At a Glance
NO-CV is a HR-tech company that developed an AI-driven recruitment ecosystem to help businesses streamline their hiring processes for low qualification positions (blue-collar).
Traction and Ask
With €128k net revenues in 2021-22, 1,000+ B2B customers such as Mars, Fazer, Manpower, Volvo, Scania and 66,000+ B2C customers, NO-CV is now looking to raise a €150k pre-seed round. The ideal investor would have expertise in HR-tech and AI in European markets. The investment is needed to:
- Validate its AI recruitment assistants and enter the broader European market, targeting at first Denmark and Germany.
- Reach 1,000 recurring subscription customers and 50k/mo net revenues by Q4 2024.
- Strengthen the team with new 2 hires in sales.
Market, Business Model, Financials and Team
Founded in 2019 in Vilnius Lithuania, NO-CV is poised to capture a significant share of the global HR-tech market valued at $32.58Bn in 2021, and estimated to reach $76.5Bn by 2031 (9.2% CAGR/Year). Blue-collar job market is having a high employees’ rotation, i.e. only in the EU more than 35M positions in this sector need to be filled.
NO-CV is monetizing mainly through SaaS B2B subscriptions as well as contract based AI PRO solutions charged to companies from 50 employees in size and primarily in sectors such as hospitality, construction and retail (51.7% of the total workforce) employing a large number of blue collar workers. Revenue growth is projected at 4x YoY (breakeven in Q4 2023), projected to reach €50k/mo by Q4 2024.
NO-CV’s team of 7 (3 full-time co-founders and 4 part-time employees) combines several decades of commercial, HR, and AI expertise. The main Founder Gediminas Vilčiauskas already had a successful exit in 2013 selling an IT company to a Norwegian ATEA ASA, a biggest IT distributor in Scandinavia.
Competitive Advantage
Key USPs versus other HR-Tech startups are: 1) integrated ecosystem (comprising 2 AI assistants, 1 Web-App, and 1 HR platform) 2) AI PRO solutions for staffing-recruiting agencies 3) proprietary matching algorithm for low qualification positions (blue-collar).
Round Details
At a €3M pre-money valuation, NO-CV aims to close this pre-seed round by 1 September 2023. The minimum investment ticket size is €25k.
NO-CV has previously raised €782k of private capital from 70 Ventures and business angels to develop its MVP, which means that, after this investment round is secured, NO-CV is fully ready for international commercial uptake. NO-CV is seeking to exit in 6-7 years at a target valuation of €100M.
Get in Touch
Gediminas Vilčiauskas, Founder & CEO, and the other founders are speaking with potential investors over the next few weeks and are keen to pitch, demo and open up their traction and financial plans in detail.