Startup.Info
SkillSoniq: Led by a relentless entrepreneur (Abby Verma) who is transforming the Freelance Recruiting Space using AI
SkillSoniq
AI-Powered Recruiting App
Jersey City, NJ
Professional Services
Technology
SkillSoniq is an AI-Powered recruiting app that connects companies with skilled, local "contract to hire" freelancers. Companies try out freelancers and easily convert the best ones to their payroll, taking the guesswork out of recruiting and saving 60%+ in recruiting costs.
$134,152
raised
$100,136
previously crowdfunded
248
Investors
$10.3M
Valuation
$0.82
Price per Share
$250.92
Min. Investment
Common
Shares Offered
Equity
Offering Type
$535K
Offering Max
0
Days Left
This offering ended on September 14, 2021 and is no longer accepting investments.
Reasons to Invest
In Q2 of 2020, SkillSoniq closed its first round of seed funding from 240+ investors.
SkillSoniq generated $350k in gross revenue in New York alone during its first year (2019), and has since launched in four additional cities
The majority of hiring managers (72%) in the U.S. are continuing or increasing their use of freelancers, especially as a result of the pandemic
Rise above the ruckus of traditional job search and hiring methods
Rather than going through the long and expensive traditional recruitment process to determine whether a candidate can actually do the job they were hired for, companies using SkillSoniq are able to quickly assess candidates on a trial basis before deciding to hire them as a full-time employee on the payroll.
Launched in 2019 in New York, SkillSoniq made $350k in gross revenue and onboarded 6,000+ freelancers in our first year. In a world where one-third of U.S. employees have done freelance work in the past year and 72% of hiring managers are continuing or increasing their use of freelancers, we believe SkillSoniq is already making a splash.
The Problem
Hiring new talent is hit or miss, with a lot more misses than many companies can afford
Hiring the right candidate for a job can be time-consuming and expensive. To make matters worse, even after spending considerable time and money to select the right person for the job, companies may soon find out that the person they hired isn’t as qualified or hardworking as they seemed to be during the interview process.
The Solution
A way to definitively determine if a potential hire has what it takes to do the job
We believe that interviews are not the best use of time for companies and job-seekers, so we are replacing time spent on interviews with time spent actually working with a potential hire. SkillSoniq lets companies take new employees for a test drive on a freelance basis, without all the hoops of hiring expensive recruiting agencies, sifting through resumes on a job portal, or taking a gamble on unvetted and potentially unskilled talent on freelance websites.
Once a company is satisfied that their freelancer has demonstrated they’re a match for the position, our web app allows them to easily convert the freelancer to a full-time employee on their payroll, at a nominal fee.
The Market
The U.S. workforce is shifting more and more toward freelancing—especially in the wake of the pandemic
In 2018, there were roughly 5.6 million “skilled” freelancers across tech, creative, and professional job types. Collectively, these workers generated an estimated $135 billion within the freelance industry.
According to this report, we averaged the growth rate of the fastest-growing countries in South America (Brazil), Asia (Pakistan), and Europe (UK) to estimate 50% growth. (Source 1, Source 2)
Now, during the COVID-19 pandemic, more than one-third of U.S. workers freelance, and 58% of non-freelancers who are new to remote work due to the pandemic are considering freelancing in the future. At the same time, 72% of hiring managers are continuing or increasing their use of independent professionals.
Our Traction
Generating revenue and increasing investments as our platform continues to expand
SkillSoniq launched in New York in 2019, a year in which we generated more than $350k in gross revenue and onboarded 6,000+ freelancers to our platform. In Q1 2020, we had gross revenue of just over $117K.
We cater to small businesses, many of whom went on a hiring freeze due to COVID. We expect demand to pick up in 2021.
In Q2 of 2020, we closed our first round of seed funding (100% over-subscribed) from 240+ investors.
Since New York, we have launched in four more cities across the U.S. and Canada, and we currently have 12,000+ freelancers and 300+ companies on our platform.
What We Do
Patent-pending, AI-powered technology that takes recruiting guesswork out of the picture
A company posts its open position on our app. Our patent-pending AI-powered matching technology does the work of finding an optimal candidate among our vetted network of freelancers. In as little as a couple of days after the original post, the candidate starts work on a trial basis.
If it’s a great fit, the company has the option to extend the trial or “buy out” the freelancer, making them a full-time employee on the payroll. If it’s a flop, the company, and the freelancer part ways, and the company hasn’t spent a cent on what would have been a failed hire on the payroll through traditional recruiting channels.
Throughout this cycle, our AI collects data to further hone its candidate curating power.
The Business Model
SkillSoniq makes money from both the freelancer and the company doing the hiring
“Take Rate”: Freelancers pay a 10% commission on every dollar paid by the company to the freelancer.
“Buyout Fee”: Companies pay a nominal fee when they decide to convert a freelancer to their payroll — Longer a company has worked with a freelancer on trial, the smaller this fee gets.
How We Are Different
Working to bypass the issues presented by traditional recruitment channels
Job portals create a hiring process that can take months as managers sift through hundreds of resumes and applicants apply to dozens of jobs without ever hearing back.
Staffing agencies charge a premium for their manual, human-driven services.
Freelance websites often provide low-quality employees that would never make the cut for a full-time hire.
SkillSoniq is powered by an AI system that continually collects data and allows us to efficiently connect the right candidate to the right job—meaning a lower cost and less time spent.
*The above information is based on internal research and management's experience
The Vision
SkillSoniq aims to eliminate the interview
We hope to disrupt the traditional recruiting process for good. Our ultimate vision is to make hiring as simple as speaking into Voice-Enabled Devices like Amazon Echo or an Apple Watch, where you would be able to start working with potential employees within seconds, without conducting any interviews.
In the SkillSoniq World, companies will automatically be assigned the best workers for the job through our app, and be given personalized recommendations on their next “individual or team” hire making it very easy for companies to scale teams.
*The information is for illustration purposes only, actual technology has not been developed.
In the next five years, we want to be present in every major freelance-heavy city and country across the world, aiming to become a leader in the category.
OUR LEADERSHIP
A team determined to find a solution for hiring woes
Our founder, Abby (Abhinav Verma), has spearheaded two successful entrepreneurial ventures in the past, and our Board of Advisors consists of high profile entrepreneurs, tech executives, venture capitalists, and an author of best-selling business books.
Collectively, our team has 40+ years of experience in sales, marketing, finance, and tech and is true problem solvers. We are driven to succeed because we have all felt the pain of hiring via traditional recruiting methods or the pain of finding a job.
Why Invest
Ever wondered if there’s a way out of traditional recruitment channels to do your hiring?
If so, it’s time to invest in a recruiting app which has taken the age old concept of “Temp to Perm” and added multiple layers of technology to it to transform the way companies hire talent. We believe this is needed now, more than ever, as companies invest in growth while staying lean, especially as they recover from the wake of the pandemic. We have already begun to see favorable metrics on our platform as companies see the value of hiring on SkillSoniq:
In 2021, we believe many companies will begin to scale up their hiring processes, which could provide huge tailwinds to our business. Internally within SkillSoniq, we are at an inflection point with proven sales channels, attractive unit economics, happy customers, rapid release of new product features, and a great deal of learning. With momentum building around freelancing and remote work, we believe that funds raised in this round will help us further capitalize on extremely favorable market trends we’ve seen.
Thanks for reading our story! We hope that you will invest in us to help us change recruiting for good and become a leading talent marketplace globally.
Quick Insert
In the Press
The Daily Press
SkillSoniq Raises Seed Funding To Disrupt The Way Companies Hire Talent
Top Wire News
SkillSoniq: Disrupting Traditional Recruitment With AI Driven Talent Marketplace App
Founders Live
Founders Live Conversations with Justin Hauge and Abby Verma of SkillSoniq
Financial Express
Linking freelancers to jobs: Need AI-powered digital platforms to boost freelancing
Bizz Buzz
SkillSoniq, a USA-based startup, is mulling its foray into India in the near future
Offering Summary
Company | : | SkillSoniq, Inc. |
Corporate Address | : | 20 River Court, Suite 2004, Jersey City, NJ 07310 |
Offering Minimum | : | $9,999.90 |
Offering Maximum | : | $534,999.98 |
Minimum Investment Amount(per investor) | : | $250.92 |
Terms
Offering Type | : | Equity |
Security Name | : | Common Stock |
Minimum Number of Shares Offered | : | 12,195 |
Maximum Number of Shares Offered | : | 652,439 |
Price per Share | : | $0.82 |
Pre-Money Valuation | : | $10,250,000.00 |
COVID Relief
This offering is being conducted on an expedited basis due to circumstances relating to COVID-19 and pursuant to the SEC’s temporary regulatory COVID-19 relief set out in Regulation Crowdfunding §227.201(z).
Expedited closing sooner than 21 days
In reliance on Regulation Crowdfunding §227.303(g)(2) A funding portal that is an intermediary in a transaction involving the offer or sale of securities initiated between May 4, 2020, and February 28, 2021, in reliance on section 4(a)(6) of the Securities Act (15 U.S.C. 77d(a)(6)) by an issuer that is conducting an offering on an expedited basis due to circumstances relating to COVID-19 shall not be required to comply with the requirement in paragraph (e)(3)(i) of this section that a funding portal shall not direct transmission of funds earlier than 21 days after the date on which the intermediary makes publicly available on its platform the information required to be provided by the issuer under §§227.201 and 227.203(a).
Voting Rights of Securities Sold in this Offering
Voting Proxy. Each Subscriber shall appoint the Chief Executive Officer of the Company (the “CEO”), or his or her successor, as the Subscriber’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Subscriber, (i) vote all Securities, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Subscriber pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Subscriber is an individual, will survive the death, incompetency and disability of the Subscriber and, so long as the Subscriber is an entity, will survive the merger or reorganization of the Subscriber or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a registration statement under the Securities Exchange Act of 1934 covering the Common Stock.
*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.
Company Perks*
Time-Based
Friends and Family Early Birds
Invest within the first two weeks and receive additional 30% bonus shares.
Super Early Bird Bonus
Invest within the first four weeks and receive additional 25% bonus shares.
Early Bird Bonus
Invest within the first six weeks and receive an additional 15% bonus shares.
Amount-Based
$500 | 1st Tier
5% Bonus Shares + $50 invoice credit if you sign up as a corporate customer of SkillSoniq.
$1,000 | 2nd Tier
10% Bonus Shares + $100 invoice credit if you sign up as a corporate customer of SkillSoniq + “SkillSoniq Investor” Hat.
$2,500 | 3rd Tier
15% Bonus Shares + $200 invoice credit if you sign up as a corporate customer of SkillSoniq + “SkillSoniq Investor” Hat.
$5,000 | 4th Tier
20% Bonus Shares + $300 invoice credit if you sign up as a corporate customer of SkillSoniq + “SkillSoniq Investor” Hat + “SkillSoniq Investor” Hoodie.
$10,000 | 5th Tier
25% Bonus Shares + $400 invoice credit if you sign up as a corporate customer of SkillSoniq + “SkillSoniq Investor” Hat + “SkillSoniq Investor” Hoodie + Exclusive 30 min Zoom call with Founder.
$20,000 | 6th Tier
30% Bonus Shares + $500 invoice credit if you sign up as a corporate customer of SkillSoniq + “SkillSoniq Investor” Hat + “SkillSoniq Investor” Hoodie + Exclusive 30 min Zoom call with Founder + Early Access to Key Product Features.
*All perks occur when the offering is completed.
The 10% StartEngine Owners' Bonus
SkillSoniq, Inc. will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of common stock at $0.82 / share, you will receive and own 110 shares for $82. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.
This 10% Bonus is only valid during the investors eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are canceled or fail.
Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.
Irregular Use of Proceeds
The Company might incur Irregular Use of Proceeds that may include but are not limited to the following over $10,000: Vendor payments. Salary payments made to one’s self, a friend or relative. Any expense labeled “Administrative Expenses” not strictly for administrative purposes. Any expense labeled “Travel and Entertainment”.
Show More
Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$62,117.00
USD
$18,743.22
USD
Cash And Cash Equivalents
$59,888.00
USD
$18,250.00
USD
Accounts Receivable
$2,229.00
USD
$494.00
USD
Short Term Debt
$14,828.00
USD
$6,228.00
USD
Long Term Debt
$67,994.00
USD
$67,994.00
USD
Revenues And Sales
$301,634.00
USD
$367,297.00
USD
Costs Of Goods Sold
$262,575.00
USD
$319,622.00
USD
Taxes Paid
$0.00
USD
$0.00
USD
Net Income
-$66,357.00
USD
-$613.00
USD
Risks
A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.
Updates
SkillSoniq launches in India!
4 months agoDear Friends,
We are excited to announce that SkillSoniq has launched in India, which we see as a $10Bn market opportunity. The Indian market is ripe for disruption as its young demographic (>50% of the Indian labor force being under 25 years of age) has taken to digital recruiting platforms in a big way and are more open to freelance opportunities. As a major part of our growth strategy, we are partnering with leading online training companies and universities in India to help connect their graduates with local and global job opportunities on our platform.
On the demand side, India has seen a massive growth in the number of startup unicorns in the recent past, with recruiting being the highest priority for young startups. We plan to work closely with founders to become a leading recruiting platform for young companies in India.
We, at SkillSoniq, strongly believe that this is a great time to redefine the future of work in India and across the world, with talent no longer constrained by location, and with the leveraging power going back to the jobseekers (traditionally, this power lay in the hands of companies). Skilled Jobseekers have become more flexible, have a lot more choice in terms of jobs, and have become more choosy in terms of who they want to work with. SkillSoniq is helping them get connected with projects and ultimately find a job they love.
We are excited to have you alongside us in this journey, and will share regular updates on StartEngine!
Cheers!
Team SkillSoniq
ABSOLUTE FINAL CALL - Just 1 hour left to invest in SkillSoniq!
about 1 year agoHey Friends! This is the absolute FINAL CALL for those interested in investing in SkillSoniq on StartEngine! We have over 245 investors from this round, and are looking to get more investors! If interested in re-defining the future of work through SkillSoniq, check out our campaign page on StartEngine and invest a minimum of just $250, while earning great investor perks!
Click here to invest in us! This is the last chance to invest in us.
Final Call - Just 2 hours left to invest in SkillSoniq!
about 1 year agoHey Friends! We are nearing the end of a successful fund raise on StartEngine! This is the final call for those who want to invest in the Freelance Revolution through SkillSoniq, or want to increase their investment! We have over 245 investors from this round, and are looking to get more investors!
Invest now to earn great perks, and your fair share in the Freelance Revolution! Click here to invest in us!
Just 5 hours left to invest in SkillSoniq!
about 1 year agoHey Friends! There are about 5 hours left to invest in the Freelance Revolution through SkillSoniq! We have over 230 investors from this round, and are looking to get more! We have shown great traction in terms of client demand on our platform, and are now raising funds to invest in meeting all of the demand for talent on our marketplace!
Invest now to earn great perks, and your fair share in the Freelance Revolution! Click here to invest in us!
12 hours left to invest in SkillSoniq!
about 1 year agoHey Friends - There are only 12 hours left to invest in SkillSoniq! We are aspiring to change the future of work, which we believe is "Freelance".
Final chance: Less than 1 day left to invest in SkillSoniq!
about 1 year agoHi Friends,
There is less than 1 day left to invest in the Freelance Revolution through SkillSoniq, and we are trying to cross $150K! Please note that this may be the last chance for retail investors like you to invest in SkillSoniq.
We have over 240 investors from this round, including seasoned tech executives like Curt Olson and are looking to get more investors on board! We have shown great traction in terms of client demand on our platform, and are now raising funds to invest in meeting all of the demand for talent on our marketplace! This is a great opportunity to earn investor perks, and to help define the future of work!
Invest now to earn your fair share in the Freelance Revolution! Click here to invest in us!
Only 3 days left to invest in SkillSoniq!
about 1 year agoHi Friends,
There are ONLY 3 days left to invest in the Freelance Revolution through SkillSoniq, and we are trying to cross $150K! Please note that this may be the last chance for retail investors like you to invest in SkillSoniq.
We have over 240 investors from this round, including seasoned tech executives like Curt Olson and are looking to get more! We have shown great traction in terms of client demand on our platform, and are now raising funds to invest in meeting all of the demand for talent on our marketplace! This is a great opportunity to earn investor perks, and to help define the future of work!
Invest now to earn your fair share in the Freelance Revolution! Click here to invest in us!
Only 4 days left to invest in SkillSoniq!
about 1 year agoHi Friends,
There are ONLY 4 days left to invest in the Freelance Revolution through SkillSoniq! Please note that this may be the last chance for retail investors like you to invest in SkillSoniq.
We have over 240 investors from this round, including seasoned tech executives like Curt Olson and are looking to get more! We have shown great traction in terms of client demand on our platform, and are now raising funds to invest in meeting all of the demand for talent on our marketplace! This is a great opportunity to earn investor perks, and to help define the future of work!
Invest now to earn your fair share in the Freelance Revolution! Click here to invest in us!
5 days left to invest in SkillSoniq!
about 1 year agoHi Friends,
There are less than 6 days left to invest in the Freelance Revolution through SkillSoniq! We have over 220 investors from this round, and are looking to get more! We have shown great traction in terms of client demand on our platform, and are now raising funds to invest in meeting all of the demand for talent on our marketplace!
Invest now to earn great perks, and your fair share in the Freelance Revolution! Click here to invest in us!
{{ profileCtrl.commentsLoading ? 'Loading...' : 'Show More Comments' }}