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Revolutionize Recruitment with us.

 

 
 
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Crowd-funding yearn

Yearn is an online platform where people go to find relevant opportunities at technology driven start=ups, scale-ups and grown=ups. Yearn turns the world of recruitment upside down by working for the candidate instead of the company. As a personal recruiter, Yearn helps you find the best opportunities and introduces you to the relevant people through a simple, online platform.

Summary

Investment Sought: €100.000

Type of investment: Convertible loan

Interest: 5% per annum

Discount: 20% discount in the event of a qualified financing

Repayment: Within 12 months following expiry of the term or at once following an even of default, unless a conversion event occurs.

Startup, HR Tech, Amsterdam, 5-10 people

We’re building the largest and most impactful ‘peer to peer’ recruitment engine.
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concept

 

What

The pitch

YearnPRO brings together relevant opportunities from all different sources on one simple, online platform. We believe recruitment should be about you and what you want in your career. That's why we decided to turn the business-model of recruitment literally upside down by working for you instead of the company. 

As a YearnPRO member you can search, browse and shortlist interesting opportunities and benefit from warm introductions at your favorite companies. Our smart technology matches only the best opportunities to your profile. It is super easy to shortlist the ones you find interesting and get introduced to the relevant people within the company. Stop wasting your time searching for opportunities online, see us as your personal recruiter and never miss a thing. 

 

Why

The problem we solve

Finding relevant opportunities can be difficult. Often people are still busy with their current jobs, when they realize they might be ready for a change. When you do have the time to search for a job, you find out that opportunities are scattered all over the place and that the best ones never make it to the internet. Of course, there are services like headhunters that work just fine, but they are limited to their company portfolio, because companies pay for their services. 

Because the recruitment industry has always been company-driven, the experience for job-seekers has been far from optimal. They are basically a sellable product for recruiters. Online solutions such as job-boards became more popular, but were still limited to companies paying to display jobs. LinkedIn is able to match people to companies, but only based on skills, experience and keywords. Long story short, it was time for a change. Time to put the individual back in the driver’s seat of their career.

After almost 2 decades in recruitment, Kaan Anit, founder of Yearn noticed it was time for a change. We knew that if there is a big 'pain', there also a big potential 'gain'.

 

How

Technology, data, curation, smart algorithms

To really make this change, the only way was to come up with a way that companies do not have to pay for introductions or hires anymore. Turning the business model upside down, and working in the interest of the candidate, also means we charge the candidate for a membership.

Our fast, high-performance online platform, uses the principles of Blockchain Technology and combines user-generated data and automated data feeds, with manual curation and smart algorithms.

Yearn is currently operating in the Netherlands, however will explore new markets early 2018.

We believe technology can and will enable us to truly impact the way people find new opportunities and change their lives for the better

Product

 

Members

YearnPRO members will get access to a personalized online environment. Here they can easily build a profile, submit their job preferences and shortlist companies they find interesting. They can also browse opportunities, add companies or opportunities themselves and tell us where they would like to be introduced. 

Companies

Companies can claim their free company profile on Yearn. In a company profile, companies can showcase information about themselves and make sure they're presented in a good way to our members. For companies, YearnPRO is an amazing way to present themselves to a curated network of senior level professionals. 

Intended impact 

We started Yearn to disrupt the world of recruitment. We believe technology can and will enable us to truly impact the way people find new opportunities and change their lives for the better. Our mission is to turn the world of recruitment literally upside down. By treating candidates as our customers and giving them the best possible experience we want to build the largest and most impactful ‘peer to peer’ recruitment engine.

Creating an environment where talented people go and easily find the opportunities that they find interesting. We want to improve the recruitment experience for the candidate, as well as the company.  

In our early-bird phase we focus on a specific target audience, senior level professionals in the Randstad area. However, we are building the Yearn platform in such a way, so that it's easy to be rolled out to different levels, industries and countries. 

How we work for our members

YearnPRO works for you. Create a Personal Profile and submit your Job Preferences. We will suggest opportunities based on your profile, but you can also search and add opportunities yourself. If you're interested, put the opportunity on your wishlist and we'll introduce you. Below, you find a sneak=preview of our online product. Click to enlarge images. 

 

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the campaign

We are looking to raise €100.000 that will allow us to grow YearnPRO in the next 3 phases.  

phase 1: MVP+ validation

Q1 and Q2 2018, will be all about our MVP+. In Q1, the product team will launch a lot of new features. We will spend money on Marketing efforts to bring in larger numbers of users, who will help us validate new features.

Phase 2: Product development 

When the MVP+ is validated, we will invest more in our product development. To improve the experience for users, but also to automate some important manual efforts. Machine learning will help us make better matches and to develop this, we will use the investment. 

phase 3: Grow

The last part of the investment will be used not only on growing the user base, but also the Yearn team. In the relevant places we will need more people to make our dream a reality. 

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revenue model

Sources of income

Our revenue-model is based on 3 sources of income:

  1. YearnPRO memberships. Members pay us €50 a month/€500 a year (incl. VAT) for a PRO membership to stay up to date on all relevant opportunities. Every membership is valid for a year, but can be paid per month as well. 
  2. YearnPRO+ memberships. Members pay us €75 a month/€750 a year (incl. VAT) for a PRO+ membership to stay up to date on relevant opportunities and benefit from personal, pro-active help in their job-search. Every membership is valid for a year, but can be paid per month as well.
  3. Companies paying for additional services besides introductions and hires. This could be additional promotion of their urgent jobs, or 

View our membership pricing here

 

Revenue forecast

Forecast new users

After our launch in January 2018, we expect a steady growth of new users. The goal is to onboard 30 new users in January and grow that number by 25% every month. 

 

Revenue on memberships

Our memberships range from €500 per year for a PRO membership, to €750 per year for a PRO+ membership. In this forecast, we calculated an average of €500 per membership. Based on the number of users, as shown above, this is our revenue forecast for 2018.

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Market

More jobs, more switches

Today, people change jobs more often than ever before. The average person changes jobs ten to fifteen times during his or her career. 85% of people between 25 and 35 never stay longer than 5 years in one job and we can go on. Consequence of these movements is that people will invest in their job search and that the frequency increases. 

People plan out their careers. Whether they’ve been working at the same company for 5 years, or just started a new job last week, they’re always thinking about what the next step might be. Unfortunately, there is not a place where these people can anonymously stay up to date on opportunities that might be relevant for them, without spending a lot of precious time and energy. When they do know where to look, matching possibilities are often limited to the companies paying that particular service. Add to that, that most opportunities for leadership positions are never posted online and always filled via the network.

Online revolution

Like every market, recruitment is also undergoing a digital transformation. After waves like ads in newspapers, recruitment agencies and (current trend) in-house recruitment departments, we believe it's time to put the candidate in the driver's seat again. Since you can handle everything online, we are on a mission to put a personal recruiter in everyones pocket. 

Sharing economy

Remember the first time you heard of AirBNB and you thought you'd never let a tourist stay in your house? How about now? The sharing economy is real and it is happening. We believe that our members will see the true value of the YearnPRO network that they're part of. This is why every member also gets the opportunity to claim their company-page. If you know how it works, you'll be open to help others and invite people to join your business. 

 
 
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Target audience

Therefore, Yearn targets leaders in Marketing, Sales, Product, Tech, Finance & Legal with a proven track record, who are open for opportunities at digital/tech-driven start-ups, scale-ups and grown-ups. We enable these people to find relevant opportunities on our online platform, helping them make the best decision of their career. Also, we want to widen our member’s view on what’s out there, bringing hidden opportunities to the surface. It’s hard to find out what’s out there for you, we make it visible and accessible


Characteristics of target audience

Our target members are:

  1. Often working at digital/tech driven companies, or companies undergoing a digital transformation
  2. Not aware of the place to go look for opportunities
  3. Not aware of the companies that match their ambitions or interests
  4. Highly aware of what they want, but not able to match that to specific companies or opportunities

If the right conditions are met, the market for digital leaders and their career needs, is huge. Especially because there is currently no recruitment service that works in their interest.

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Marketing strategy

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Building awareness

We will generate awareness by using our online channels for advertising, PR and email-marketing.

Our awareness tactics are based on targeting highly specific audiences. Because of our market-place platform, we have great insights on the supply and demand of candidates. For example, when a lot of Marketing candidates sign up, we will specifically target companies with Marketing opportunities to claim their free company-profile. This works both ways. 

Another big focus will be social customer engagement. Through a relevant blog and social updates and advertisement we will establish a social relationship with our target audience. 

We are also creating an attractive commercial that will be pushed online with the goal of going (semi)viral.

 

Consideration

After creating the awareness, we want our target audience to really consider using Yearn. We do this by educating them about opportunities, certain roles or companies and showing them our product by allowing them limited access before activation.

By investing in our SEO and SEA, our target audience can easily find us. People who are looking for specific jobs or industries online, will be targeted and directed to our website. 

 

Converting

Once our audience is on our website we need to convert them into users. This is for example done by conversion methods like A/B testing. More important however is that we need to win our audience's trust. Paying for a recruitment service is new to most people and we'll need to convince them that they're in good hands.  

We do this by advertising with success stories and sharing product insights - the 'why' behind our features presented by our Head of Sales. 

We will also implement a very efficient onboarding flow. We allow new members to enter the product, create their profile and look around before activating. Though this process they will be helped and guided by us, using tools like Intercom. 

 

Loyalty

We want to turn our members into brand ambassadors, sharing our content with their networks. Also member-get-member promotions are on our roadmap.

 

Competition

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The HR Tech market is growing rapidly. A lot of different players jump in to specific areas in this market. Yearn will fall into the Recruitment Marketplace & Search Platform category of this market.

Still, our target audience has the option to choose solutions like: Headhunters, platforms like Hired, Leap, ExecThread or LinkedIn.

 

Some of our competitors

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Execthread

On Execthread members can anonymously contribute job opportunities they get approached for but don't intend to pursue. In return for sharing jobs, members gain access to job opportunities contributed by other executives.

Focus: Executive job market, USA

New York, USA

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Hired

Professionals can create a profile on Hired and companies can apply to them. 

Focus: Product, Development, Tech

North America, Europe (London/France), Asia Pacific

For the investor

 

Convertible Note. 

We offer you the opportunity to become a shareholder of Yearn. You can do this through a Convertible Note. A convertible note is a loan that converts into shares, as soon we do a round of funding with an A series investor. A convertible note is an opportunity to become part of a fast growing company, before a big funding round determines the value of the company.  

You will find a full overview of your rights and those of us in the convertible loan agreement, which you will receive for reading before the completion of your investment or per request.

You close a subordinated convertible loan with the aim of converting this into depositary receipts for shares at a later date. At that moment, you will become a shareholder in the company. You only receive money back on your investment at the moment you sell your shares. This generally happens after four to eight years, but can even take longer. A convertible loan is a way to become a shareholder in a fast-growing company without there being any need to value the company at this point in time.

Investing in a convertible campaign allows you to invest today, with your investment converting into equity in the future, at a discount compared to other investors. This is a very common structure used by angels and VCs all over the world. 
Convertible campaigns avoid the need to agree a specific valuation on the company and instead offer investors a discount. When the convertible converts to equity in the future (usually when there is a new round of funding), it will be converted based on the Discount to the valuation at the time of the new round of funding, subject to a maximum valuation (referred to as the “Valuation Cap”).

 

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Your investment

Investing in YearnPRO is possible in batches of €500. Per investment of €500 you also get a PRO membership for free so you have access to our product. 

A - Invest €500 in YearnPRO

B - Invest €1000 in YearnPRO - get a YearnPRO membership for free!

C - Invest €2500 in YearnPRO - get 2 YearnPRO memberships for free!

D - Invest €5000 in YearnPRO - Please contact us


Legal Structure

You will find a full overview of your rights and those of us in the convertible loan agreement, which you will receive for reading before the completion of your investment or per request. The following is a selection of the most important rights and obligations by virtue of your depositary receipts for shares:


Type of investment: Convertible loan

Sought investment: €100.000

Interest: 5% per annum

Discount: 20% discount in the event of a qualified financing

Valuation cap: € 5,000,000

Term: 60 months from signing, however no later than December 31st, 2022
    
Repayment: Within 12 months following expiry of the term or at once following an event of default, unless a conversion event occurs.

Conversion triggers
I. Automatically in the event of a qualified financing, meaning an issue of shares against payment of an amount of at least € 500,000.
II. Automatically in the event of a takeover, meaning an event resulting in a change of control of borrower as a result of a transfer of shares in the capital of the Borrower. 
III. Upon request of the Lender, following expiry of the term.

Shareholder construction
Trust Foundation (“STAK”)
Following conversion depository receipts for shares will be issued by a non-voting Trust Foundation (Stichting administratiekantoor”), which will become actual holder of the shares and which will issue depository receipts to the Lender.

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Risks

The risk of an investment in the form of a convertible loan is high. 
Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Tax treatment depends on individual circumstances and is subject to change in future.

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