Founder Profile: Costin Tudor, CEO Undelucram
CEO Costin Tudor reflects on improving transparency in the hiring process and the past five years of entrepreneurship.
Today we talk with Costin Tudor, the co-founder and CEO of Undelucram. It’s an HR platform that lets employees and former employees leave anonymous reviews of their managers and companies, as a response to an unstoppable trend in the labor market: the need for transparency.
Hello Costin! It’s such great timing to have you here today. To start with, could you briefly tell us about your background?
Hello, and thanks for having me!
I am a graduate of the Faculty of Engineering in Foreign Languages – Polytechnic University of Bucharest, and a graduate of an Entrepreneurial MBA at the Bucharest University of Economic Studies. I worked for more than 13 years in multinational companies, in the IT&C field.
How did you launch UndeLucram? What is its mission?
I started Undelucram by identifying a need in the labor market: the candidates need to know more information about their potential future employer. I am talking here about the working environment, career opportunities, salary ranges, etc.
Our mission is to bring more transparency to the labor market so that candidates can make informed decisions on their careers, and employers get a quality workforce.
UndeLucram was launched in 2017. What do you consider your most significant achievements to date?
Indeed we started the business in 2017 when we also got the first investment round.
Besides Romania, we started the business in Greece and Hungary as well.
We managed to technically develop the platform to such a level so that we are now able to scale in any country in up to three weeks.
Today we are present in 8 countries in the region, with very good traction in all of them. Currently, we have an MRR of over 37.000 EUR.
What makes UndeLucram unique? How does it stand out from its competitors?
The group of platforms we operate is unique in most of the countries in which we are present, allowing employees and candidates to evaluate their employers.
This is how we respond to an unstoppable trend in the labor market: THE NEED OF TRANSPARENCY.
Our platforms take advantage of this trend in a qualitative way providing very structured information perfectly adapted to each country from the region.
Therefore, our major differentiators are:
- we allow employees to review their work experience
- we have adopted local content
- we host structured and easy to find information
- our development agility
- our growth potential
UndeLucram benefits from repeated investments of Oana Ciornei – Gapminder VC, and Vlad Deliu, who also joined the team. You have now opted for a crowd-funding campaign on SeedBlink. Tell us more about this: what made you change your focus towards sharing this opportunity with smaller investors?
Given the accelerated growth we observed at the end of last year and the beginning of 2021, we want a new capitalization, quickly. This is a bridge round that we will use for one year, and the advantages that Seedblink offers are the speed at which we were able to list for financing and the experience that we gain as a result of this public listing, similar to a listing on the stock exchange.
Why is the digitalization of the HR vertical so important, especially in 2021?
The digitalization of the HR vertical needs to happen, and technology is a central point to the evolution of this industry.
Today more than ever, HR people need optimized and automated tools to make their work more efficient and keep their efforts focused more on the human relationship between the company and employees.
The signs of accelerated digitalization could be seen starting last year, and in 2021 will happen even faster.
UndeLucram is a Romanian start-up with operational activity in 8 countries. Tell us more about this unique situation.
We have had a clear strategy for expanding in the region since the previous rounds of investment. We have invested a lot in technological developments and, as a result, we are able at this moment to scale very easily.
We have successfully tested the business model in Romania, now we have applied it in Greece and Hungary. The role of the current investment round is to accelerate the growth of our regional footprint.
We plan to create a regional champion that will benefit from the transparency trend and become the no. 1 reference point in terms of online recruiting and employer branding.
What’s on the cards for UndeLucram in 2021 and beyond?
As mentioned, our goal is to increase our regional footprint, each country having its own growth indicators.
In a few years, we can consider multiple exit options like:
- Public listing
- Acquisition by an investment fund
- Strategic player acquisition
How do you plan to expand in the countries you’re already established in? What new regions are you planning on heading to?
Our plan is to use this investment round, focusing on the next 12 months on:
We plan to grow the team so that we’re able to take advantage of the opportunities on the Romanian market, and also in the countries where content level points out to sales propositions.
Among the regional platforms, Greece and Hungary are the most advanced, and the Czech Republic follows closely.
The platform is fed by content, users, and CVs, and increasing these will be our focus for the next year. In the last period, we have tested multiple channels and have drawn valuable insights on the most effective communication strategies. We plan to deploy larger budgets over the next months in order to accelerate the increase of the metrics and consolidate our market position.
The International marketing strategy will be coordinated via regional hubs, by local agencies, benefiting from the local expertise.
At the same time, we test the platform on the Northern Africa and the Middle East regions, where there is a huge workforce, hence a great potential to enroll more users on our platforms.
How do you see the future of the HR market?
I believe that the future HR market will rely on two important aspects:
- the need for transparency
- the digitalization of the staff recruitment and administration processes
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By Bianca Iulia Simion
PublishedJune 15, 2021