SpringRole has closed $1.3 million in Private Funding

SpringRole, the Blockchain-centered job listing startup has announced that it will receive $1.3 million in private funding, from its earlier investors, AlphaBlock Investments, Brock Pierce, Isaac Lee's BlockWater, Wavemaker Genesis, and the Blockchain investment and consulting firm, DNA.

The funds will be utilized in the hiring of technical professionals for outsourcing, through Blockchain technology.

Kartik Mandaville, CEO & Founder, SpringRole, shared his thoughts on the investment:

"What we're building is solving an all-too-real problem faced by every offshore company hiring in India, whether in support of in-house technical services or as part of an outsourcing transaction."

The Bengaluru-based startup is said to be creating a Blockchain and AI network which would carry several features, such as job board, work attestation, reputation scoring, directory listing, and the like. It will also launch a referral program that helps users bring their network into the platform, in exchange for SPRING (ERC20 compliant tokens).

Speaking on the occasion, Scott Walker, Co-founder, DNA, detailed the ideas and strategies driving the investment - and his thoughts on SpringRole's way forward:

"SpringRole is taking an important and risk-managed approach to solving a massive problem in the HR industry globally. By focusing on India, SpringRole has an excellent opportunity to capture market share quickly and build a set of blockchain and API standards that can open them to additional opportunities as they grow."

In fact, India is today viewed as a major market for Blockchain, with 6Wresearch stating that the country will witness a CAGR growth of 58% during 2018-24, in this space. SpringRole is clearly looking at tapping into this highly lucrative and dynamic sector, with massive growth possibilities.

SpringRole, will in the future, target establishing its footprint in the highly crowded and competitive recruitment sector, powered by Blockchain technology.

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Media Courtesy : HR Technologist