Workable has secured $1.5 million in funding. Greylock IL led the round. Based in London and Athens, Workable is a provider of recruiting solutions for fast-growing businesses.
Workable, the European challenger in the US-dominated online hiring space, has secured $1.5m in a funding round led by Greylock IL. After 12 months of operation hundreds of companies from all over the world have adopted Workable, a recruiting software that combines the functionality of the best B2B tools with the ease of use of popular consumer websites.
“Most of the hiring happens online and companies are looking for tools to promote their jobs and make hiring decisions as a team” said the company’s founder and CEO Nikos Moraitakis who has seen Workable growing by 30 percent month on month in 2014.
Workable helps Small and Medium-sized Enterprises (SMEs) manage their recruiting with simple tools to promote their jobs online, review candidates and schedule interviews. SMEs now account for two-thirds of all new hires in the US, while in Europe the numbers are even higher.
Workable is not the only software in this space, but it may be the easiest to use. “When it comes to serving SMEs, making software that’s simple and intuitive is do or die” says Moraitakis.
The global economic recovery has spurred serious investment in enterprise Software as a Service (SaaS) that can help firms fill the jobs being created. Companies are switching to cloud software for sourcing and recruiting, replacing traditional HR tools. Many VCs are betting on new players like Workable to disrupt the $14 billion HR tech market.
Stored online profiles are replacing resumes and one-click job applications are becoming commonplace. According to Workable’s usage data, nearly 70% of applicants use a LinkedIn profile instead of a resume and one in three job applications comes from a mobile device. Companies need modern tools adapted to this new reality to stay competitive in the war for talent.
This month’s update to Workable also allows companies to open up their hiring process to professional recruiters while tracking where applicants are coming from. This helps companies get the best access to talent while ensuring that recruiters can participate in the outcome of the hiring process. “We’re aiming to create an online recruiter marketplace that will bring down the cost of hiring for employers, while opening up new business for recruiters” says Moraitakis.
Workable raised $950k in seed funding last year from Jeremie Openfund II and private investors.
Workable (http://www.workable.com) is a beautifully simple recruiting software for fast-growing businesses. Based in London, UK and Athens, Greece, Workable is used by hundreds of companies in 39 countries.
Greylock IL is an affiliate fund of Greylock Partners with offices in Israel and London. Some of the fund’s investments include: Actifio, Aeroscout, ScaleIO, iZettle, JustEat, Payoneer, Wanova and Wonga. For more information visit: http://www.greylockil.com
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