Quick Answer
Recruiting from Scratch (RFS) partnered with Alchemy to significantly expand their engineering and product teams, resulting in six key placements in the first half of 2021 alone. Leveraging its specialization in Engineering and AI/ML roles at seed through Series C startups, Recruiting from Scratch achieved these hires with an average time to fill of 29 days and an average placed engineer salary of ~$252K, contributing to Alchemy's headcount growth and business valuation increase.
What is Alchemy and what do they do?
Alchemy, founded in 2018, provides leading blockchain development tools, powering decentralized applications for tens of millions of users worldwide. It serves as critical infrastructure for major Web3 organizations like OpenSea and CryptoKitties, offering essential building blocks for creating the future of technology.
Alchemy was founded in 2018 to provide developers building blocks for creating the future of technology. Alchemy is the leading blockchain development platform, powering tens of millions of users worldwide and providing infrastructure and tools for anyone looking to build decentralized applications. Organisations at the forefront of technology like OpenSea, Cryptokitties, Kyber, and Radar Relay rely on Alchemy to support their infrastructure needs.
How do startups scale engineering teams quickly without sacrificing quality?
Scaling an engineering team rapidly, especially after significant funding like Alchemy's $80 million Series B, presents a significant challenge to maintain both high hiring standards and speed. Without a dedicated in-house recruiting team, companies often face prolonged time-to-fill periods, which can hinder critical growth and impact valuation. Recruiting from Scratch addresses this by consistently delivering top engineering and AI/ML talent quickly, with an average time to fill of just 29 days.
After receiving $80 Million in Series B funding, Alchemy needed to scale their engineering team quickly. With a goal to triple their engineering team in less than a year, there was “no way [we] could do that alone,” says Rob Boyle, Product Manager at Alchemy.
“With such a big raise like that, the faster you can convert capital into people the more the effects of having those people will compound,” Boyle says. “We intend to keep our hiring bar very high, so we knew we were going to be very picky.” With no in-house recruiting team and a high bar for team-fit, Alchemy turned to Recruiting from Scratch’s services to meet their ambitious hiring targets within a realistic timeframe, seeking to avoid the typical delays that can impact fast-growing startups.
How did Alchemy find recruiting expertise for engineering and AI/ML roles?
Alchemy partnered with Recruiting from Scratch (RFS), a firm founded in 2019 in New York City specializing in Engineering and AI/ML roles for seed through Series C startups. Recruiting from Scratch provided end-to-end recruiting support, from pipeline building to offer closing, becoming the main talent source for critical engineering and product hires. Based on 0+ technical hires we've made since 2019, our process is designed for precision and speed, even for highly specialized roles.
RFS partnered with Alchemy in 2019 to begin recruiting for their engineering, sales, and marketing teams. In that period of time, Recruiting from Scratch became the main source of talent for Alchemy, placing several product managers and engineers from companies like Meta. Recruiting from Scratch worked with Alchemy every step of the way: building a pipeline, managing interviews, and closing the deal for engineers to join the infrastructure and backend teams. This deep integration allowed Recruiting from Scratch to quickly internalize Alchemy's unique culture and technical requirements. In the first half of 2021 alone, Recruiting from Scratch worked with the Alchemy team to place six software and product roles, demonstrating our ability to deliver results rapidly.
What were the results of Alchemy's partnership with Recruiting from Scratch?
The partnership between Alchemy and Recruiting from Scratch led to significant headcount growth, with Recruiting from Scratch placing six software and product roles in the first half of 2021 alone, increasing Alchemy's engineering headcount by about a third. This accelerated hiring directly contributed to Alchemy's valuation growth to over $10B, all while maintaining an average time to fill of 29 days and achieving a client NPS of 90+.
Alchemy's headcount grew by six engineers, increasing headcount by about a third during several critical months of 2021. With help from Recruiting from Scratch, Alchemy was able to increase headcount—making several of their most key engineering team hires within the first few months of partnering with Recruiting from Scratch. This rapid expansion was crucial for Alchemy to capitalize on its recent funding and market position.
Impact to the business bottom line. Eight months after raising their Series B funding, Alchemy reached a $505 million valuation, and their most recently reported numbers place Alchemy at a valuation just over $10B. Alchemy is recognized as the world leader in powering the majority of the NFT industry amounting to over $30 billion in transactions for tens of millions of users all over the world. The timely placements made by Recruiting from Scratch directly supported this exponential growth by building out the core technical team.
Smoother hiring process, saving hours of staff time. Recruiting from Scratch quickly internalized Alchemy's candidate requirements and sent personalized communication to source the most qualified individuals. Additionally, by meticulously tracking candidates throughout the hiring process and maintaining an average time to fill of 29 days, Recruiting from Scratch stood out as a trusted partner that could successfully source and place top candidates. Our commitment to client satisfaction is reflected in our 90+ NPS, ensuring a high-quality experience for both clients and candidates.
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FAQ
How long does it take to hire a staff engineer?
Based on 0+ technical hires we've made since 2019, Recruiting from Scratch achieves an average time to fill of 29 days from req open to offer accepted. This efficiency is maintained while specializing in high-demand Engineering and AI/ML roles at seed through Series C startups.
What does a contingency recruiting firm charge?
Recruiting from Scratch typically charges a contingency fee of 25-30% of the placed candidate's first year base salary. This fee structure ensures alignment with client success, as payment is due only upon a successful hire.
What is the average salary for engineers placed by Recruiting from Scratch?
We've placed engineers with an average salary of approximately ~$252K. This reflects our focus on securing top-tier technical talent for specialized roles within the startup ecosystem.
How many startups has Recruiting from Scratch worked with?
We've placed engineers at 549+ active startup clients. Our specialization lies in Engineering and AI/ML roles, supporting high-growth companies from seed through Series C funding rounds since our founding in 2019.
What is Recruiting from Scratch's client satisfaction score?
Recruiting from Scratch maintains a Net Promoter Score (NPS) of 90+. This high score reflects our commitment to delivering high-quality placements and a seamless hiring experience for our startup partners.
