Swedish Startup Space

Sqore looking to raise over $10 million – plans international expansion

Written by on March 4, 2016

The fast growing Swedish recruitment platform is looking for capital to accelerate growth.

Over the last year, Sqore has proven to be one of the hottest startups in Sweden. The company, which was founded in 2010 by Robert Lyngman, Chu Zhu, Gustav Borgefalk and Niklas Jungegård, stepped into the spotlight last year when venture capital firm Northzone invested $3.5 million in Sqore.

The company arranges contests between job seekers to find the best candidates for different jobs. The service has around 1 million potential job candidates at this time, which is twice the amount it had when Northzone invested in the company last year.

The company is now planning another, larger capital round. According to Breakit’s sources, the company is looking to raise around $12 million. However, a final decision regarding the round’s size has not been made, so it could be more or less than that. The decisive factor will be the level of aggression when it comes to the international expansion. If the goal is to conquer all of Europe at once, the company will need at least $12 million. That is, reportedly, the plan that the executive group is leaning towards.

No one at Sqore has confirmed that another capital round is being planned.

“I can’t comment on that at this stage. We are, more or less, profitable at this moment, and closed a round at the beginning of last year”, the company CEO Niklas Jungegård says to Breakit.

Sqore had revenues of $2 million in 2014 and made break-even. Niklas Jungegård does not want to disclose the revenues for 2015 in total but says that the company had sales of around $1.5 million in the last 6 months of 2015.

Update: In an earlier version of the article, we claimed that Sqore had revenues of $800.000 during the second half of 2015. This has now been corrected. We apologize for the mistake.

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