Equitas

Idea

Introduction

We have created a fairer way to conduct live interviews so companies can hire the right person for each role.

The whole reason Equitas exists is to create fair hiring. We help people make faster, fairer hiring decisions with our interview intelligence software for in-person or remote, live interviews so that they can build diverse, successful teams.

Studies have shown that companies that are racially biased when hiring are less likely to remain in business, based on the assumption that they will pay more for employees who fit their bias. 83% of candidates say a negative hiring experience will negatively impact their view of a company and 76% say that a diverse workforce is important when deciding on job offers. Employers know that people are their most important asset as a company and yet how they hire is an area neglected.

Substantial accomplishments to date

• 800% YoY growth in the volume of interviews from 2021 to 2022 in our beachhead market of Irish healthcare (see above graph)

• Health Service Executive (HSE = Irish NHS) - We have landed and expanded the largest employer in Ireland with over 100,000+ employees. We are working with the biggest trusts in Ireland to build out our enterprise playbook.

• Our clients the Ireland East Hospital Group, the Royal College of Surgeons Ireland Hospital Group, and South Southwest Hospital Group cover 35%+ of Irish hospitals. We are quickly gaining market share in Irish healthcare.

• 400+ international hires for current healthcare clients from 30+ countries with our remote interview functionality helping them build diverse teams by opening up a global talent pool.

• Built an enterprise sales pipeline with a potential £3m+ of revenue.

• £600k+ committed to this seed round with Ascension, Conduit, Techstart, and value add angels.

• Landed our first non-healthcare client in retail, Charles Tyrwhitt. They are focused on the future of hiring through a decentralised hiring model with Equitas at the core.

Monetisation strategy

Currently, our YTD (9 months) revenue is £168k. Based on the last 9 months until March 2023, our annual run rate is £224k.*

An Annual Enterprise license with an average Annual Recurring Revenue (ARR) of €25,000 with a fair usage cap on the volume of interviews. Our goal is to increase current client ARR to £60,000+ from year two onwards, due to a plan to double the number of employees in the next year with restructuring within healthcare.

As part of the sales process, we have been running proof of concept with prospective clients. Smaller POC contracts could range from £5,000-£10,000, with larger enterprise pilots potentially ranging from £20,000-£50,000. We price these POCs at 10-20% of total contract value.

The initial beachhead market of Irish and UK healthcare is £14m (232 trusts with an ACV of £60,000). Globally the market is £25bn+ (based on an estimated 4.4bn interviews conducted annually).

*Based on unaudited management accounts.

*The above image is based on the company's own research and calculations.

Use of proceeds

The majority of proceeds will be spent on marketing, product, and new hires. We aim to reach 20,000+ interviews per month, by landing 3 of the biggest recruiters in the UK (RPOs) in our pipeline (including Page Group and CPL) and integrating with the 2 biggest applicant tracking systems (ATSs) in Irish healthcare(Rezoomo & iCims).

Hiring plan:

We plan to build out the product team with engineers to support upcoming ATS integration work with clients and work through an extensive product roadmap.

To support current founder-led sales we plan to hire a head of growth and have identified 3 potential candidates. A marketing lead will also be joining us to support top-of-funnel and face-to-face events-based marketing channels.