3 Reasons Why NFX Invested In Frontier
Frontier is a next-generation hiring platform that delivers virtual interviews with qualified candidates. They just launched with a $2.8M round led by NFX. It comes at just the right time to fulfill massive labor needs posed by a reopened economy.
3 Reasons Why NFX Invested In C2i Genomics
This is a terrific company solving a huge problem in the world economy right now. The hiring experience has long been fragmented and cumbersome for both jobseeker and employer, which slows the time it takes to fill jobs and leads to rigid labor markets. Shortening the time it takes to find work (for the jobseekers) and make hires (for the companies) unlocks substantial benefits across large segments of the two-sided labor market.
Frontier speeds up the talent-sourcing process by providing an on-demand job search experience akin to what we’re already familiar with in many other parts of our day-to-day lives. I have been impressed with the way the team has leveraged technology to introduce an innovative user-experience to a massive category and hiring outcomes that are 1-2 orders of magnitude better than what current platforms provide.
Today we’re sharing the biggest 3 reasons NFX invested in Frontier:
1. Giant category with high demand
Two forces converged to create massive demand for Frontier’s platform: 1) a need for increased recruiting efficiency in the labor market, combined with 2) a sizable imbalance in supply and demand caused by the global pandemic.
As we’ve seen with every successful startup: timing is everything. Moving from a world that prioritized in-person interaction to one that is now predominantly digital, Frontier’s technology makes it easy for job seekers to virtually interview with companies on the same day they start their job search.
2. Product advantage in a key dimension: speed
We frequently say that the greatest superpower that startups have that larger, more cumbersome organizations cannot match is speed. Frontier is proof of speed as a competitive advantage.
Not only is the Frontier team iterating quickly and finding product-market fit; their product itself is also optimized for speed.
Their product is radically faster, by about 1-2 orders of magnitude. It unlocks same-day interviews with pre-screened candidates rather than the 2 weeks or more it currently takes companies to meet candidates after posting their jobs online. For example, one of their publicly traded retail customers set a job live on a Friday and had 100 interviews scheduled by Monday – making over 15 hires three days later.
3. Network effects as a cornerstone of their business model
The network effects embedded in Frontier’s product and business model make it completely different from their competitors and traditional incumbents. It’s a classic example of the strongest and simplest of network effects: increased usage of the product for both the job seeker and employer leads to a direct increase in the value that both derive from it.
Finally, at NFX we always focus on identifying world-class Founders and teams. We got to know Frontier’s Founder & CEO, Elliot O’Connor, back when he was working in San Francisco for our friends at firstminute Capital, and we think very highly of him, the team and the other investors in the company. Elliot has been building companies that address labor market inefficiencies since he was 18 – we’re proud to back him on this new journey.
To learn more about Frontier, please visit their website.