Michigan Capital Network, Michigan Rise, Northgate Holdings and More Invest in Modern Recruiting Platform
March 22, 2022
Wedge, the modern recruiting platform turning video screening into a competitive advantage, today announced the raise of $2 million in funding, which includes participation from Michigan Capital Network, Michigan Rise and Northgate Holdings amongst others. In addition, Dale Grogan, Managing Partner at Michigan Capital Network, and Rocki Howard, Chief People and Equity Officer for The Mom Project, join Wedge’s Advisory Board.
Interest and investment in the HR technology space have soared in the past year as employers felt the direct impact of the Great Resignation. The economic trend, underscored by a Korn Ferry study that found “the United States faces one of the most alarming talent crunches of any country,” has forced companies to rethink a talent model built on decades-old institutions and practices. As such, many progressive employers have started to reconsider traditional qualification methods, including the resume, which is where Wedge comes in.
Built for the demands of modern recruiting, Wedge removes stress and friction from the hiring process and promotes authentic connections between candidates and recruiters. By giving candidates a platform to tell their stories, resumes become obsolete, as each individual explains their background and experience through a short video screen. Wedge customers are able to get to know candidates faster and speed up hiring decisions.
Howard commented, “The hiring space continues to evolve, and evolve quickly. Employers are looking for efficient ways to connect with candidates without bias, knowing that every hire impacts the success of their teams and, ultimately, their organizations. To create more equitable workplaces, we need to allow job seekers to tell their stories, and Wedge does just that. It’s exciting to be on this journey with them.”
Paul D’Amato, CEO and Managing Director of Michigan Capital Network, concurred with Howard and shared, “Wedge delivers a best-in-class solution, solving a critical problem for employers who are trying to hire qualified employees. We’re pleased to have an innovative, Michigan-based company like Wedge as our first investment of 2022. Wedge CEO Matt Baxter and his team represent everything we look for in an investment.”
“Our team is proud to partner with Wedge, not just with investment from Michigan Rise but also programming from its sister subsidiary, Spartan Innovations, which co-manages the Grand Rapids SmartZone,” said Prem Bodagala, Director at Michigan Rise and Red Cedar Ventures. “Matt and his team are building a world-class, scalable tech company in Grand Rapids which addresses important future-of-work pain points. We are excited to become part of Wedge’s story and support its mission to disrupt hiring”
“It’s always been Wedge’s take that no candidate is just their resume, and we see more companies starting to realize that,” said Wedge CEO Matt Baxter. “We’re immensely grateful for the participation of Michigan Capital Network, Michigan Rise and Northgate Holdings in this round. These investors and the addition of our new advisors, Dale and Rocki, provide the experience, connection and perspective that companies like Wedge need as we scale. With their support, we’re going to continue the Wedge’s mission by introducing new product offerings, expanding our partnerships and changing the way hiring happens.”
About Michigan Capital Network
Michigan Capital Network (MCN) is a non-profit trade association representing five regional angel investment groups. MCN also has four dedicated venture funds which invest separately from the angel groups. Michigan angel investors specialize in supporting capital-efficient, early-stage enterprises in our state. The association is committed to utilizing its financial, intellectual and networking resources to help its portfolio companies grow and positively impact the Michigan economy.
About Michigan Rise
Michigan Rise is a wholly owned subsidiary of the Michigan State University Foundation. Founded in 2020, Michigan Rise invests in early-stage high-tech businesses located in Michigan. For more information on Michigan Rise, visit www.michiganrise.com.