The seed funding was raised by several investors, including Peter Thiel’s Thiel Capital, Fifth Down Capital, XYZ Fund, Rose Park Advisors, Blockchange. Based on the fundraising deal, Andrew Spellman, the founder and managing partner at Fifth Down Capital has joined Inflection Points’ board of directors.
The fundraising will therefore help Inflection Points to build out its crypto-focused employment and corporate training business, the company said.
Established in early 2021, Inflection Points was co-founded by Colton Sakamoto and long-time crypto entrepreneur and investor Anthony Pompliano in an effort to help crypto firms searching for talents connect with people who want to enter the industry.
In a statement, Pompliano, a media personality and investor with 400,000 YouTube subscribers and 1.6 million Twitter followers, narrated how the recruitment company came into existence: “In crypto, I’d always ask founders of different platforms what they need help with. And over and over, they would say, ‘if you have great talent send them my way.’ And so many times, I learned companies were really struggling to find people and meanwhile my inbox was full of people who wanted to move into the industry.”
As part of efforts to drive its business growth, Inflection Points further announced that it has acquired a New York-based crypto recruitment firm Proof of Talent. The crypto-focused recruiting agency Proof of Talent was founded by Rob Paone in June 2019 and said it has helped 100 people find jobs in over 40 firms.
As part of the acquisition, Paone and his eight colleagues working at Proof of Talent are set to join Inflection Points.
Inflection Points, which previously was known as PompCryptoJobs, has training and headhunting divisions. The recruitment firm claims to have trained and employed more than 4,000 individuals in the crypto sector. The company has been profitable since its establishment and raised the funding only after it hit “seven figures” in revenue.
Layoffs Presenting Opportunities
The development occurs at a time when multiple crypto firms are laying off employees while a few others are looking for talents.
Pompliano said that the current massive layoffs in the crypto industry could be an opportunity for his recruitment company as major non-crypto firms are looking for talents and even target crypto specialists who were recently laid off.
The job market has been facing difficult moments in recent months as crypto companies are struggling to make it through a winter that has seen prices plunge significantly.
Last month, several crypto firms including Coinbase, Gemini, Crypto.com, BlockFi, among others, announced layoffs and hiring freezes. Amid rising inflation rates and slowing demand, tech firms across the board have continued to cut more jobs.
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