Companies around the world have been affected by Covid-19, with many left facing an uncertain future. But it wasn’t all bad news. Some companies took advantage of the new market opportunities created by the crisis and managed to survive the pandemic. Others stuck with their nerves and achieved significant growth rates nonetheless.
Anticipating economic recovery
Revenue and headcount at most recruiters were affected during the early days of the pandemic, and executive search firm TritonExec was no different. However, the company made the decision to retain its entire global sales team and make strategic investments and appointments, paving the way for a 50% revenue increase in 2021.
“In the past nine months, we have doubled our staffing and generated $30 million in contracted revenue,” says partner Natalie Zingo.
Founded in 2011 and headquartered in London, with offices in New York, Miami and India, TritonExec has gained senior leadership in financial and professional services across the UK, US and Asia Pacific. During the pandemic, the company predicted the growth that was about to occur in the fintech market as the global economy recovered.
“We have taken risks and made strategic investments in increasing our physical footprint and hiring partner-level employees to expand our practice and footprint and take advantage of a market recovery,” says Zingo.
Having already proven its ability to help private equity-backed super-growth tech companies expand at an accelerating pace, its go-to-market strategy has become a catalyst for their further growth, despite the pandemic.
The shift towards remote hiring has also worked in the company’s favour. “The candidate pools are much broader because of remote recruitment,” Zingo says. “But most interestingly, we have seen that the diversity of ideas and backgrounds in leadership appointments has opened up due to this shift to remote business. Global expansion is faster and more accessible today than ever before.”
Services that are becoming more important
With email still being the primary channel of business and marketing communications, data accuracy is vital. Email databases are deteriorating at a rate of 22% each year, leading to bounces, spam complaints and lower email engagement, not to mention a huge waste of businesses’ budgets.
For email validation company ZeroBounce 2020, it was their best year ever. Started in 2015 and headquartered in Boca Raton, Florida, the company removes risky and outdated data from email databases to improve the return on investment for email marketing.
This year, ZeroBounce took a place on the Inc. 5,000 with nearly three-year growth of 1,000%, and a 56% increase in new customer signups compared to last year, largely because their service has become more important during Covid-19.
“Email data quality is always important, but in 2020, when nearly every company used email to send important updates to their customers, that became even more critical,” says founder and CEO Liviu Tanase.
In April 2020, ZeroBounce also added three new tools to its platform; Email server test, incoming mail mode test and blacklist monitoring tool. An additional factor in the company’s stellar growth performance has been the scale of job losses caused by the pandemic, which has accelerated data deterioration in the B2B space.
“This year, it followed the trend of major resignations,” Tanassi says. “The email address you collected last week may not be valid today because this employee has been laid off or has resigned.”
Rapid business growth is not without challenges, and the first few months of the pandemic saw massive amounts of customer emails processed on the platform. Since March 2020, the company has validated about seven billion email addresses. “Thanks to the scalable nature of the platform, we were able to respond quickly to significant increases in demand,” Tanase says.
The demand is fueled by remote work
HR tech startup Veremark launched in late 2019, and despite the global crisis, it has grown by more than 800% in 2020. The applicant background screening and screening startup has offices in London, Singapore and Manila, and has a regional presence in Australia and India. and Hong Kong. Veremark recently raised £2m in an initial fundraising round.
Employers use the platform to conduct background checks on candidates or current employees, including academic and employment history, social media, criminal and credit checks, etc. The results are then aggregated into a Blockchain-verified “professional passport,” which employees can take with them to future roles, drastically reducing the administrative burden on HR teams.
CEO and Co-Founder Daniel Callahan says, “The key factor behind our high growth has been the generation of significant word-of-mouth referrals from our clients, which I believe is due to the strength of our product.”
The shift to working from home and virtual hiring during the pandemic has increased the demand for background checks. “Often employers were unable to meet potential employees at all in person, or were hiring overseas for the first time, and had to take additional steps to screen candidates,” Callahan says.
The only challenges presented by the growth spurt were those for which the business was ready. Callaghan adds: “We have expanded our team and set up multiple operations centers in different countries, which gave us some flexibility when a market was hit hard by the coronavirus measures.”