Workable, the Boston startup that makes cloud-based recruiting software, raised $50 million in Series C round. It was led by London-based private equity firm Zouk Capital with participation from existing investors 83North, Balderton, Notion and TriplePoint.
Founded in 2012 in Athens, Greece, the company's recruitment software is used by small and medium businesses to automate their hiring process. Workable claims that more than 20,000 companies across the world have used its software to source 50 million candidates.
The startup, which moved to Boston in 2014, has developed an AI technology that automates "human decisions" like sourcing and screening candidates, assessment and scheduling interviews.
As the job market expands, as does the market for recruitment software companies. The global recruitment market was valued at $216 billion in the year 2017 and that number is expected to jump to $334 billion by the end of 2025. Workable is in the SMB hiring market, which according to the company is significant as these companies do '70% of the hiring in the world.'
The company has offices in London, Athens, San Francisco, and Sydney and has raised $84 million in venture capital funding to date.
