Entelo, the leading provider of enterprise software for data-driven recruiting, today announced that it has closed a $12 million Series B financing round led by venture capital firm Shasta Ventures. Existing investor Battery Ventures also participated in the round. Entelo will use the funding to further accelerate growth, particularly in the enterprise and mid-market segments.
Recruiting is becoming more sophisticated and data-driven, following a similar trend that has played out in the sales and marketing functions over the last decade. Talent teams and recruiting departments require the same level of advanced technology that other business units possess, and Entelo is increasingly recognized as a leader in that area.
Entelo’s newest technology, Entelo Stack, uses data science, machine learning, and directed scoring to automatically rank inbound applicants, making recruiters and hiring managers dramatically more productive and effective while improving key metrics such as quality of hire, time to hire, and cost per hire.
“At HubSpot, we think about talent acquisition as a strategic driver of our growth and place great value on making that process as effective as possible,” said Becky McCullough, Director of Recruiting, North America at HubSpot. “Entelo has enabled our recruiters to find, qualify and engage with a diverse talent pool in more efficient ways and has enabled HubSpot to develop more sophisticated and scalable recruiting practices.”
Entelo Stack includes capabilities to prevent bias in hiring by anonymizing applications and resumes coming into a company so that recruiters and hiring managers can focus on the skills and experience an applicant has, instead of being biased by the race or gender implications of their name. With Entelo Stack organizations gain a competitive advantage, ensuring that Entelo customers respond the fastest when top candidates apply.
“In such a competitive talent market, speed to engagement can often make the difference between whether we bring on a new team member or not,” said Ron Storn, VP, People at Lyft. “Entelo makes us better. It allows us to engage all applicants and candidates faster. Speed is a competitive advantage and we’ve proven that it drives better results.”
“At Entelo, it’s our goal to be at the cutting edge of innovation in the recruiting industry,” said Jon Bischke, Entelo’s CEO and co-founder. “Last year was a banner year for us. We delivered major enhancements to our Search and Track solutions and we launched Stack. We are honored that so many companies, across all industries, choose to partner with Entelo to help them drive their recruiting initiatives and gain competitive edge.”
“Entelo has tapped into a pattern we’ve seen evolve successfully over the past decade – innovation transitioning from one functional area within a company to others,” said Jason Pressman, Managing Director at Shasta Ventures. “In this case it’s targeting, messaging, automation, and engagement, which have been adopted in sales and marketing, now being applied to talent acquisition. The market opportunity for a next-gen talent acquisition solution is huge, and Entelo has already established itself as a new leader. We are excited to help them scale further, both in the U.S. and international markets.”
As part of today’s news, Entelo announced the following statistics about its growth:
- Q1 2016 sales growth of 588% over Q1 2015
- Recent customer wins including Ameriprise Financial, Atlassian, Avery Dennison, Campbell Soup Company, Capital One, Cummins, Dell, Frontier Communications, Genentech, Oracle, Owens Corning, PG&E, SurveyMonkey, The Honest Company, Trinet and TripAdvisor.
- Over 425 customers, including 15% of the Fortune 100
- 55% quarter-over-quarter growth in usage of Track, Entelo’s email engagement and analytics solution for recruiters
About Shasta Ventures
Shasta Ventures is an early-stage venture firm investing its fourth fund in consumer technology, enterprise start-ups and connected hardware. Shasta aims to partner with bold, creative entrepreneurs who have exceptional instincts and insights into the needs, desires and behaviors of the people who use their products. The firm is based in Menlo Park and San Francisco, California. For more information, please visit www.shastaventures.com, or follow us on Twitter at @shasta.
Entelo is a new and better way to recruit. The Entelo platform combines machine learning, predictive analytics, behavioral listening and social signals to help recruiting organizations identify, qualify and engage with talent. To learn how leading companies like Facebook, Cisco and UPS are building their teams using Entelo, visit www.entelo.com.