By Kristy Dorsey

Videoconferencing technology specialist WIllo has said it is on track for a 10-fold increase in revenues this year after securing a second six-figure funding round to expand its product line.

The fledgling Glasgow firm said it is on course to hit its target of £44 million in revenues by 2025, with sales for the current year set to reach £1.9m. That will be up from £150,000 in its first year of trading.

The fresh capital injection of £630,000 has been raised from existing equity shareholder 1818 Venture Capital, along with several individual investors. The latter include Mark Danby, the former chief operating officer of Freeserve; former BT talent chief Susan McRoberts; and Jose Ignacio Puente, global head of digital mobility solutions at Santander.

It follows an initial £250,000 seed funding round in September of last year from Guernsey-based 1818 Venture. Marc Cohen, partner at the firm, is now set to join Willo’s board of directors as a non-executive.

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“Willo has an incredible team, founders we truly believe in and a rapidly-growing service that has found product-market fit,” Mr Cohen said. “We have been incredibly impressed by what the company has achieved so far and are proud to lead this round and support WIllo on their exceptional growth journey.”

The platform allows firms to interview job applicants on video at scale, and currently has 4,500 paying users. Its global client list includes organisations such as Chick-fil-A, Samsung and airport facilities manager ABM.

It is currently available in English and French, with plans for German, Russian, Dutch and Spanish versions. The fresh funding will support further product developments such as the launch of one-way video messaging that will allow businesses and job candidates to continue a conversation beyond the initial interview.

Willo founder and chief executive Euan Cameron said recorded video is becoming the next iteration of the traditional cover letter and could soon replace the CV completely.

“Traditional hiring methods are broken, businesses today know that they need to look beyond degrees and qualifications to find the best people – a video is a far better way to get to know someone than an application form, cover letter or CV,” he said.

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“The way businesses hire staff has changed forever, and as we prepare to move beyond the pandemic, we find ourselves in an environment where distance, borders and countries no longer matter. Talent is the only currency that matters.”

The company currently employs 17 people, having recently added five new members of staff in Manchester and Glasgow. Further appointments are expected.

In August, WIllo signed 13 new businesses to the free version of its platform, which becomes paid-for after companies reach a certain number of interviews. During that same month, it hosted 32,000 paying customers who interviewed 80,000 potential employees.

“This investment comes at an exciting and crucial time for Willo as we target further expansion in key markets – including the USA and Australia – and the calibre of investor shows the faith that exists in what we are doing,” Mr Cameron added.

“Willo unlocks the potential to recruit in any market unbound by geographical barriers, ensuring businesses grow with the right people for part time, permanent or even project-based roles. The investment we have received demonstrates the belief in that model, and we are tremendously excited to grow our teams in new markets to help businesses grow with the right people.”