New Investment from Foundation Capital, Existing Investors True Ventures and SaaStr Fund Brings Total Funding to $10M, Validates Best Source of Talent Approach
SAN FRANCISCO, Oct. 24, 2018 — Teamable, the market leader in crowdsourced recruiting, shared several significant announcements today. The Company has acquired Simppler’s powerful referral recommendation engine and matchmaking recruiting software. Teamable also announced additional funding from a new investor, Foundation Capital, with participation from previous investors True Ventures and SaaStr Fund.
The funding is helping Teamable accelerate its market leading position as the smartest and highest ROI way to attract and hire the right experienced talent. Teamable is already proven as the best source of technical and experienced hires at companies such as Spotify and Lyft, as well as their number one source of diverse hires from historically underrepresented groups. The addition of Simppler’s advanced matching algorithms with Teamable’s intelligent social recruiting algorithms and workflows is taking the searching, guesswork and spam out of the candidate sourcing process, enabling recruiters to focus on more strategic candidate experience activities further down the recruiting funnel.
With early backers—including Foundation Capital and Greylock—Simppler was the brainchild of Vipul Sharma, who earlier in his career ran machine learning engineering at Eventbrite. Simppler’s machine learning-based matchmaking technology combined with Teamable’s frictionless user-experience helps companies create highly qualified passive and employee referral candidate pipelines that achieve the highest ROI in terms of quality and quantity of hire. Teamable’s software sources referrals from existing employees’ social media contacts factoring in previous experience, relevant skills, location, and a host of other variables such as how that company tends to hire and if they could benefit from more diversity. The referral is finalized by prompting the corresponding employee to directly make the connection. This powerful synergy of AI-driven sourcing combined with the human intervention of an existing employee who already knows what it takes to succeed at the company positions Teamable as a very unique solution in the talent acquisition space.
“We saw an opportunity for Simppler to become the company that crowdsourced recruiting, building a far better solution for recruiters than what has traditionally been available on the market,” said Joanne Chen, Partner at Foundation Capital. “With this acquisition, Teamable has been able to take Simppler’s vision even further, streamlining both the hiring and referrals processes.”
Linsey Jackson, Head of Technical Recruiting at Lyft, has used Teamable for three years. She commented, “Teamable helps us save countless hours that would have otherwise been burdensome to our hiring managers and recruiters. Their intelligent approach to crowdsourced recruiting generates the highest quality pipeline in the most efficient way, plus their commitment to our success is noteworthy.”
To date, Teamable has helped hundreds of companies – large and small – hire for tough-to-fill positions such as engineers and nurses. One of their customers is Spotify, the multinational music streaming service. “Using Teamable has saved our hiring managers, recruiters and employees a lot of work and time,” said Fredrik Johnsson, Head of Global Talent Acquisition at Spotify. “Teamable has been a game-changer for us by scaling our referral hiring process and improving it with Teamable’s matching algorithms and seamless workflow. It’s become an effective channel for hiring, with much higher than average diversity and offer-acceptance rates.”
Based in San Francisco with a second office in Yerevan, Armenia, Teamable has customers across dozens of industries across more than 40 countries. Teamable’s scalable “crowdsourced” referrals improve recruiter productivity and hiring manager satisfaction by speeding time to hire and increasing candidate quality.