Teamable, a pioneering HR (Human Resource) referral recruiting platform, today announced that it has closed $5 million in Series A funding led by venture capital firm True Ventures along with participation from the SaaStr Fund.
Teamable co-founder, and CEO, Laura Bilazarian, stated that “The last three years, recruiters have seen a rise in technologies being brought to market that help optimize workflows and create systems of record in HR. The next logical step is for recruiters to tap into machine learning and social networks to improve recruiting and HR.”
Teamable’s user-friendly and easily understandable platform transforms referral hiring from a time-intensive and manual activity into a rapid and easy process of directly connecting with the best-qualified candidates in your employees’ networks. The referral and engagement flows are intuitive and highly-optimized for adoption and use.
Advanced search and machine learning algorithms used by the Teamable platform makes it easier and simpler for recruiters to source highly qualified candidates. It also suggests candidates based on job requirements, skill sets, experience, and other factors.
As candidates get referred by employees and referral requests get sent by recruiters, Teamable tracks conversions to interviews, offers, and hires, and improves future referral suggestions by incorporating the data into its algorithms.
Explaining more about Teamable, Laura said: “What sets Teamable apart is that our smart algorithms surface candidates based on the unique qualities and needs of each company, rather than keyword searches that yield candidate pools that are too general to be useful to recruiters,”.
“Companies want their employees to recommend open positions to their friends, but it’s awkward to push employees to become recruiters,” notes Conrad, founding partner at True Ventures. Teamable “takes away that friction by scouring employees social networks automatically and making it one click, ‘Hey, this friend of yours looks like a potential fit, want to send them a note?’”
The new capital is said to be used to further develop Teamable’s data engine, improve the matching algorithms, and hire more people in sales and marketing. “We will also be integrating with more partners and applicant tracking systems (ATS),” stated Laura. It was also reported that the fund will be used to deepen its relationships with clients like Lyft, Stripe, and Quantcast.