The company works on human resources issues and among the investment funds that contributed are Alive Ventures, Impact Ventures PSM and Latin Leap.
Alejandro and Pablo Arango, the two Colombians behind Magneto Global, have just announced that “Alive Ventures, Impact Ventures PSM and Latin Leap, among other funds”, decided to participate in the financing round in which they have just raised US$ 7 million for “the development of AI and the support of global investors, with the aim of accelerating its process to serve more than 20,000 clients in countries such as Colombia, Mexico, Peru and the United States,” reads the press release with which informed about the transaction.
“In the last two and a half years we have been growing at rates of 115%, now we plan to double the market and focus on what companies and new generations of collaborators are looking for. For this reason, it is a great pride for us to close this investment round, as it will allow us to achieve new objectives,” says Alejandro Arango.
What does your company do? In it they integrated “AI into the process of attracting, evaluating and selecting talent, working for the progress of millions of Latinos,” they say. The “company is a pioneer in real-time headhunting , a model that specializes in optimizing human talent processes, which allows its clients, leading companies in Latin America such as Starbucks, Coca Cola, Sura, Nutresa and Grupo Éxito among another 2,500 business and corporate clients, carry out the recruitment, evaluation and selection of personnel in real time, with significant savings in operational costs and hiring time, in addition to offering greater agility and cultural affinity, positively impacting the lives of more than 7 million users.”
According to Santiago Álvarez, Managing Partner at Alive, this investment is in line with its objectives: “We firmly believe that in Latin America, accessing formal jobs is a ticket out of poverty. However, the low-income population struggles to break the barrier of informality. We recognize the historical lag in technology adoption within this sector and see immense value in the efficiency gains and greater inclusivity offered by Magneto's innovative approach. “We believe in the company’s growth potential throughout Latin America and are excited to support its path to reconfiguring the future of recruiting.”
On the side of Miguel Piedrahita, businessman and also an investor in Venture Capital, “what Pablo and Alejandro, together with their team, have achieved is admirable. Raising transcendental capital and building a cap table of outstanding quality, in addition to using resources to continue positively impacting millions of lives, deserves to be highlighted. I hope it inspires many, because this is the true path to development.”
Justo Germán Bustos, corporate director of Human Management at Claro, the multinational telecommunications company, says that “Magneto has helped us transform and automate our attraction and selection process. It is the platform that allows us to access the best talent on the market and consolidate, at the same time, a powerful employer brand.”
