Toronto’s ClearFit Raises $7 Million Series A Round

Toronto-based ClearFit, a company that makes it easier to hire the best people, announced today that it has raised $7 million in a Series A round. The funding round was led by GrandBanks Capital and Relay Ventures.

ClearFit believes it addresses a $60 billion “underserved market,” delivering a tailored hiring solution to construction, retail, restaurant, hospitality, and franchise customers. The company previously raised $1.7 million in late 2012 with investments from Relay Ventures and a group of prominent Toronto investors.

More than 8,000 businesses use ClearFit, the company says, including the hiring forces behind McDonald’s Ford, and DHL Express. ClearFit’s patented software uses data analysis to predict employment success five times better than traditional hiring, according to the company.

“We’ve experienced incredible growth this year and we’re scaling ClearFit to keep up with demand,” says Jamie Schneiderman, cofounder of ClearFit. “Scaling this quickly would be impossible without our own product to help us find the best people for our culture.”

ClearFit also announced that Tim Wright, a partner with GrandBanks Capital, will join the company’s board. Wright has over 20 years of operating experience in various technology industries.

“Small businesses are inadequately served by large, enterprise hiring software. ClearFit puts enterprise-class capabilities within reach and tailors them directly to the needs of small business owners,” says Wright. “They are addressing a massive sector of the economy that does not have a capable solution.”