Ferretly, a start-up specializing in AI-powered social media screening, recently announced that it has successfully raised $1.5 million in a SEED round of funding. The seed round was led by Bull City Venture Partners (BCVP), with participation from Seed Round Capital and existing investors, including a group of industry experts headed by Dave Dickerson, the Founder and Chairman of Accurate Background.
The primary aim of Ferretly is to assist organizations in eliminating digital blind spots during the hiring process. By utilizing artificial intelligence, the company’s platform enables talent teams to evaluate the online personas of candidates and match their character traits to corporate values. The platform achieves this by identifying a wide range of potential risk factors. Ultimately, Ferretly aims to bolster company culture, foster safer workplaces, and minimize risks to brands.
Despite the challenges posed by the pandemic and recent economic instability, Ferretly has experienced remarkable growth and success over the past few years. The company has achieved consecutive years of three-fold revenue growth, attracting over 300 customers worldwide across various industries, including commercial and public sectors. Darrin Lipscomb, the Founder and CEO of Ferretly, expressed enthusiasm about the company’s trajectory and its plans for expansion. He stated,
“Our team has been able to achieve incredible traction and growth… We plan to use this capital to help us scale deeper into the pre-employment screening market as well as expand into other market segments.”
Bull City Venture Partners, the lead investor in this funding round, views their investment in Ferretly as an opportunity to establish a dominant market position in the emerging field of social media screening. David Jones, a Partner at BCVP, emphasized the importance of recruiting talent that aligns with a company’s values and culture. He explained that Ferretly’s platform provides much-needed transparency into a candidate’s online presence, allowing hidden risks to be identified. Jones expressed excitement about partnering with Darrin and his team, as they work together to scale Ferretly on a global level.
As part of the investment deal, David Jones will join the Ferretly board of directors, alongside David Dickerson, Founder and Chairman of Accurate Background, and Darrin Lipscomb, Founder and CEO of Ferretly.
Ferretly, a cloud-based SaaS platform, leverages the power of artificial intelligence to assess candidate risk. By analyzing publicly available sources, such as social media platforms, Ferretly can provide insights into a candidate’s online conduct, ensuring that their character aligns with a company’s overall values and culture. This approach ultimately helps reduce turnover rates, create safer work environments, and mitigate risks to brands.
The investment from BCVP represents a significant milestone for Ferretly. It not only provides the financial resources necessary for the company to expand its presence in the pre-employment screening market but also paves the way for diversification into other market segments. The confidence shown by the early investors, including the lead investor BCVP, is a testament to the potential of Ferretly’s product and the strength of its team.
In conclusion, Ferretly’s recent funding success is a clear indication of its position as a leading player in the AI-powered social media screening space. With a strong focus on candidate assessment and risk mitigation, Ferretly is well-positioned to make a significant impact on the way organizations evaluate potential employees. The partnership with Bull City Venture Partners, alongside the expertise and guidance from seasoned professionals on the board of directors, sets Ferretly on a path toward continued growth and success in the global market.