November 26, 2018 – Recruitment software firm Workable has raised $50 million in a Series C funding round. This brings total funding to $84 million at the Boston-based firm, which uses AI software to automate the recruiting process by combining passive candidate sourcing, interview scheduling, candidate assessment and workflow automation.
The round was led by London-based private equity firm Zouk Capital with participation from previous investors 83North, Balderton, Notion, TriplePoint and Endeavor Catalyst.
“For our customers, this means a renewed commitment to deliver the best recruiting software in the market, a more ambitious product development plan, a stronger company with more resources to help you get results, and an ever-increasing user community to connect with and learn from,” said Nikos Moraitakis, CEO of Workable. “We’re excited at the prospect of building the recruiting tool you will be using in the next decade.”
More than 20,000 companies have used Workable to source and evaluate 50 million job candidates in 100 countries around the world. Workable’s aim is to use technology to make the recruitment process more efficient and save time for recruiters at small- and mid-sized companies.
“Unless you really think that a junior recruiter spending as little as six seconds per resume (by their own admission) will not be outdone by a computer who has observed millions of human decisions and hiring outcomes,” said Mr. Moraitakis. “Or that your local staffing agency who needs three weeks and a few thousand dollars to produce a long list will fare better than a computer who can match candidates out of a pool of millions instantly and reach out to them with programmatic, hyper-targeted advertising within 24 hours.”
“If you look at how the product has evolved over the last couple of years, you’ll see it’s already moving in this direction,” he said. “Our audience reach has expanded significantly with a network of more than 180 job sites, top-tier partnerships with LinkedIn and Indeed, and job syndication with Google and Facebook.”
Investors are pouring money into recruiting solutions businesses, especially those with an AI component. Here’s a look at some recent funding deals secured by these companies from the Hunt Scanlon Media archives:
pymetrics, an enterprise SaaS company that uses neuroscience and AI to make the recruitment process more effective, has closed a $40 million Series B funding round. pymetrics utilizes neuroscience and AI to assess job applicants across a range of cognitive, social and emotional traits and algorithmically recommend the best-suited candidates to companies.
Scout Exchange, a recruitment marketplace connecting employers with specialized recruiters, has received $100 million in funding from TRI Ventures. The funding will accelerate growth of Scout’s recruitment marketplace, which has been adopted by hundreds of employers including 50 Fortune 500 companies and thousands of specialty recruiters.
Reflektive, an HR analytics and employee engagement platform, has raised $60 million in Series C funding. The company said it will use the cash infusion to invest in research and development to help grow its cloud-based platform of people management solutions. It also plans to double its engineering team and expand strategies worldwide.
ENGAGE Talent, an AI software company that helps companies identify and effectively engage with passive candidates, has raised $3 million in new funding. Participating investors included Revolution’s Rise of the Rest Seed Fund, Refinery Ventures and Grand Ventures.
Joveo, a recruitment technology platform, raised $5 million in Series A funding led by Nexus Venture Partners. The start-up intends to use the cash infusion to continue to accelerate its product offerings, expand its partnerships and scale its AI/deep-learning layer. Apart from the funding announcement, Joveo also made public its acquisition of Ripple Labs.
New York-based human cloud firm Hyr raised $1.3 million in a seed funding round led by venture capital firm Flybridge Capital Partners, according to media reports. Hyr, which matches gig workers with hospitality companies, has boarded more than 10,000 workers since it started last year. The company is led by Erika Mozes and Joshua Karam.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Andrew W. Mitchell, Managing Editor – Hunt Scanlon Media