Information on the Target

Tangent is an innovative technology start-up focused on creating equitable access to job opportunities, particularly for individuals from lower socioeconomic backgrounds. Founded by Gary Izunwa and Joe Adams, who met during Zinc’s fourth cohort, the company aims to bridge the gap in career and wealth potential stemming from unequal social contexts. Tangent has developed an employee referral platform that utilizes video technology, AI, and mentorship to democratize access to job referrals.

Recently, Tangent successfully completed a $1.1 million pre-seed funding round, attracting investment from notable entities including the Google Black Founders Fund, Syndicate Room, and prominent angel investors along with Scouts from Atomico and Ada Ventures. This funding reflects Tangent's strong commitment to addressing the significant diversity gap in the tech industry.

Industry Overview in the UK

The technology sector in the UK is facing a pronounced challenge regarding diversity and inclusion. Current statistics reveal that only 9% of tech employees in the UK come from low socioeconomic backgrounds, whereas this demographic constitutes 39% of the overall population. This disparity is notably higher than in the finance and law sectors, where 29% and 23% of employees, respectively, are from similar backgrounds.

Furthermore, the recruitment landscape is heavily influenced by employee referrals, which are cited as the preferred hiring method by 82% of employers. Candidates with established professional networks benefit greatly from this system, while those from lower socioeconomic backgrounds often lack access to such connections, further isolating them from top job opportunities.

This reliance on personal networks highlights a systemic issue within recruitment practices in the tech industry, necessitating innovative solutions that can offer equal opportunities to all candidates, irrespective of their social backgrounds. Therefore, initiatives aimed at transforming the referral process are crucial for creating a more balanced workforce.

As Tangent launches its platform beyond the beta phase, the focus is on facilitating job connections specifically within entry-level tech sales roles. By collaborating with major tech employers in London, Tangent aims to provide mentoring and referral opportunities that would traditionally be unavailable to less-connected candidates.

Rationale Behind the Deal

The rationale for this investment stems from Tangent's potential to effectively address the pressing issue of diversity in the tech sector. The ability to create an inclusive platform that opens doors for underrepresented jobseekers aligns not only with social equity goals but also with business interests, as diverse teams are known to drive innovation and competitiveness in the industry.

The funding will facilitate Tangent's growth and enable it to expand its market reach. As the company transitions out of beta, it can capitalize on the ongoing demand for diverse hiring solutions, ultimately establishing itself as a vital player in reshaping recruitment practices in the tech sector.

Information About the Investor

Zinc is an investment firm dedicated to fostering mission-driven businesses that tackle significant societal challenges. By backing startups like Tangent, Zinc not only supports innovative solutions but also aligns its investments with broader social impact objectives. The firm provides entrepreneurs with resources, mentorship, and a robust network to facilitate their growth and success.

Zinc's approach emphasizes collaboration and partnership, allowing companies like Tangent to leverage experience and connections as they navigate the complexities of launching and scaling their products in competitive markets.

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Dealert believes that this investment in Tangent represents a promising opportunity, both from a social impact and a business growth perspective. The company's focus on addressing the gap in diversity within the tech workforce is not only timely but essential for fostering an inclusive economy. Investing in their innovative platform positions Zinc as a leader in promoting equality within high-potential sectors.

As the tech landscape continues to evolve, there is an increasing demand for solutions that reflect diverse perspectives and experiences. Tangent’s unique value proposition aligns with this trend, suggesting that their growth could lead to significant market traction and success.

Moreover, the engagement of high-profile investors adds credibility and opens pathways for collaboration, positioning Tangent strategically in the competitive job placement market. With a strong value proposition and a clear mission, Tangent is poised for success in its next growth phase.

In conclusion, the investment from Zinc not only has the potential to yield financial returns but also signifies a commitment to social change and innovation within the tech space, highlighting the importance of equitable hiring practices.

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