Nibletz Staff
Businesses are being offered new ways to find staff as investment floods in to fund the advancement of recruitment software. Software producer Workable has raised $1.5 million from Israel and London-based Greylock IL towards a project that is creating software to enable cloud-based recruitment for small and medium-sized businesses.
Greylock IL is an affiliate of Greylock Partners, which invested in the LinkedIn social networking site in its early days and now counts Richard Hoffman, LinkedIn’s co-founder, as a partner. The $1.5 million will be added to $950,000 already raised by Greece-based start-up company Workable and take the total amassed so far to $2.45 million.
More investment is being sought for the future, with the company setting its sights on the US, where 60 per cent of its current customers are based.
What is cloud-based recruitment software?
So who is the product for and what is the answer to the question, “why should I be using cloud based recruitment software?” This software allows businesses to use online tools to manage recruitment, including creating job listings and posting them on a range of different networks.
Workable claims it also allows businesses to employ professional recruitment services but still enables them to stay in touch with the process and the applicants their vacancies attract.
Filling a gap in the market
There are various businesses offering this expertise, but Workable claims to be unusual in that it is focusing on small and medium enterprises (SMEs). The company says that much of the software currently available is for bigger business with more than 1,000 employees, and there is a niche in the market to supply smaller companies, which may actually be the fastest growing.
Workable’s current customers include start-ups such as Conversocial, a social media management platform, messaging service Intercom, TransferWise and Vend. Nikos Moraitakis, the company’s co-founder, said that the software is not just useful for technology companies but also for any business that needs a simple-to-use recruitment tool.
He said that Workable’s customers already include a dance studio, a bakery and a dog spa. The company’s revenue is said to be growing month-on-month by 30 per cent and its customer base is believed to be increasing at a similar rate.
As well as offering simple recruitment solutions, Workable’s software offers a collaboration aspect to enable a complete team to be involved in recruiting. More features also look set to be added, such as video capabilities.
The company, which has London and Athens offices, also aims to expand the number of site options open to recruiters wanting to post job vacancies. The human resources technology market is currently said to be worth around $14 billion.
Cloud-based software allows businesses to load just one application onto their system rather than having to install a suite on every computer their staff uses. This application then allows the company’s employees to log onto a service that is based on the internet and acts as a host to the programs that staff will need to use.
This is known as cloud computing and current examples include such email services as Gmail and Hotmail.
