Teamable, a provider of hiring software that leverages employees’ social networks, has brought in USD 5 million from new investor Foundation Capital and existing backers True Ventures and SaaStr Fund.
With offices in San Francisco and Yerevan, Armenia, Teamable will use the capital to expand its team and recruiting platform.
According to TechCrunch, “the startup also announced its acquisition of Simppler‘s referral recommendation engine and matchmaking recruiting software.”
The company, which is akin to Teamable, creates a referral platform using existing employee networks; it was founded by Vipul Sharma in 2013.
In an interview to TechCrunch, Teamable’s co-founder and chief executive officer Laura Bilazarian declined to disclose the terms of the deal but said none of the USD 5 million investment was used to finance the transaction.
Bilazarian says the 50-person company, founded in 2013, is cash flow positive with 200 customers, including Spotify and Lyft.
The investment brings Teamable’s total equity funding to date to USD 10 million, including last year’s USD 5 million Series A.
Teamable software helps optimize workflows and create systems of record in HR. Teamable uses artificial intelligence (AI) algorithms to suggest candidates based on job requirements, skill sets, experience, and other factors.