Workable Raises $1.5M From Greylock IL To Build Cloud-Based Recruitment Software For SMEs


Workable, a startup founded in Athens, Greece, that has developed a cloud-based recruitment platform for SMEs, has today confirmed a new investment of $1.5 million led by Greylock IL, the Israel/UK-based affiliate of Greylock Partners, an early investor in LinkedIn which now counts LinkedIn co-founder Reid Hoffman as a partner. Previously, Workable had raised some $950,000 from individuals and the Greek seed investors Openfund, with the latter also participating in this round.

Although Workable is based in Greece, co-founder Nikos Moraitakis tells me that the majority — over 60% — of its 300 customers are in the U.S., and so that is where a lot of the focus of investment will be going forward. “The U.S. is the biggest opportunity for us,” he says. “Even without trying we are getting the most customers there.”

He says that Workable had other VCs approach it, and it is intentionally keeping this round low as it prepares to raise a bigger round in the near future.

Workable’s revenues are currently growing at a rate of 30% month-on-month, with that figure largely being reflected in its customer growth, too.

While there are a large number of players already that are going after the cloud-based recruitment market — offering businesses online tools to create job listings, post them on different networks, and then manage the hiring process — what distinguishes Workable is the fact that it focuses squarely on the SME market. Moraitakis tells me that this is unlike competitors like TheResumator and Jobvite, and much of the other software already available on the market. He found that out the hard way:

“My co-founder [Spyros Magiatis, the CTO] and I used to work for Upstream [a Greek-founded mobile marketing company]. We were early employees and so we did a ton of hiring ourselves and knew that it wasn’t easy, so when we decided to start our own thing we knew what we needed,” he says. “We knew that a lot of the tools had been made for big enterprises and we wanted something that was simple for collaboration and not made for companies with 1,000 people. The fastest growing companies are the smaller ones that are growing fast and there were no tools for them.”

Indeed, among Workable’s customers today, you’ll find a lot of fast-growing startups like messaging service Intercom, social media management platform Conversocial, TransferWise and Vend. But what is interesting is that while the tech sector is an obvious one to tap for a cloud-based recruiting service, other kinds of SMEs are also biting — a good sign of its scalability longer term.

“Tech recruitment is doing well but we have other customers, including a dog spa, a dance studio, and a bakery in Michigan,” he says. “They just see this as something super simple to use; they are not tech users.” But for those that are more tech-savvy, he says they are more likely to use some of Workable’s other aspects such as a collaboration feature that helps engage a whole team in the recruitment process.

Going forward, Moraitakis says that Workable will be adding more features like video. And it will be building out its platform so that third-party recruiters may work with it better, too — a key part of the employment ecosystem that helps connect individuals with openings. The idea here will be that recruiters could potentially help candidates apply to a number of jobs across the whole of the Workable network, “making Workable into more of a full marketplace,” he says.

Along with that theme, Workable will be looking to increase the network of sites to which clients can post their job ads through Workable. Right now, it provides an option to list across a range of free sites, along with others that are paid postings, such as LinkedIn.

On that front, right now Workable promises users an advantage of posting through their system rather than directly on those sites. Not only is it time-saving, but more economical: if you buy from LinkedIn, a posting that might normally cost $300 will cost $160 through Workable, he says, because it pre-buys placements in bulk and then passes on the savings to users to entice them to sign up to the monthly paid plans.

Those Workable subscriptions currently run on a monthly basis and begin at $19 and go up to $400/month for those who want to opt for unlimited posting options.

More TechCrunch

Welcome back to TechCrunch’s Week in Review. This week had two major events from OpenAI and Google. OpenAI’s spring update event saw the reveal of its new model, GPT-4o, which…

OpenAI and Google lay out their competing AI visions

Expedia says Rathi Murthy and Sreenivas Rachamadugu, respectively its CTO and senior vice president of core services product & engineering, are no longer employed at the travel booking company. In…

Expedia says two execs dismissed after ‘violation of company policy’

When Jeffrey Wang posted to X asking if anyone wanted to go in on an order of fancy-but-affordable office nap pods, he didn’t expect the post to go viral.

With AI startups booming, nap pods and Silicon Valley hustle culture are back

OpenAI’s Superalignment team, responsible for developing ways to govern and steer “superintelligent” AI systems, was promised 20% of the company’s compute resources, according to a person from that team. But…

OpenAI created a team to control ‘superintelligent’ AI — then let it wither, source says

A new crop of early-stage startups — along with some recent VC investments — illustrates a niche emerging in the autonomous vehicle technology sector. Unlike the companies bringing robotaxis to…

VCs and the military are fueling self-driving startups that don’t need roads

When the founders of Sagetap, Sahil Khanna and Kevin Hughes, started working at early-stage enterprise software startups, they were surprised to find that the companies they worked at were trying…

Deal Dive: Sagetap looks to bring enterprise software sales into the 21st century

Keeping up with an industry as fast-moving as AI is a tall order. So until an AI can do it for you, here’s a handy roundup of recent stories in the world…

This Week in AI: OpenAI moves away from safety

After Apple loosened its App Store guidelines to permit game emulators, the retro game emulator Delta — an app 10 years in the making — hit the top of the…

Adobe comes after indie game emulator Delta for copying its logo

Meta is once again taking on its competitors by developing a feature that borrows concepts from others — in this case, BeReal and Snapchat. The company is developing a feature…

Meta’s latest experiment borrows from BeReal’s and Snapchat’s core ideas

Welcome to Startups Weekly! We’ve been drowning in AI news this week, with Google’s I/O setting the pace. And Elon Musk rages against the machine.

Startups Weekly: It’s the dawning of the age of AI — plus,  Musk is raging against the machine

IndieBio’s Bay Area incubator is about to debut its 15th cohort of biotech startups. We took special note of a few, which were making some major, bordering on ludicrous, claims…

IndieBio’s SF incubator lineup is making some wild biotech promises

YouTube TV has announced that its multiview feature for watching four streams at once is now available on Android phones and tablets. The Android launch comes two months after YouTube…

YouTube TV’s ‘multiview’ feature is now available on Android phones and tablets

Featured Article

Two Santa Cruz students uncover security bug that could let millions do their laundry for free

CSC ServiceWorks provides laundry machines to thousands of residential homes and universities, but the company ignored requests to fix a security bug.

1 day ago
Two Santa Cruz students uncover security bug that could let millions do their laundry for free

TechCrunch Disrupt 2024 is just around the corner, and the buzz is palpable. But what if we told you there’s a chance for you to not just attend, but also…

Harness the TechCrunch Effect: Host a Side Event at Disrupt 2024

Decks are all about telling a compelling story and Goodcarbon does a good job on that front. But there’s important information missing too.

Pitch Deck Teardown: Goodcarbon’s $5.5M seed deck

Slack is making it difficult for its customers if they want the company to stop using its data for model training.

Slack under attack over sneaky AI training policy

A Texas-based company that provides health insurance and benefit plans disclosed a data breach affecting almost 2.5 million people, some of whom had their Social Security number stolen. WebTPA said…

Healthcare company WebTPA discloses breach affecting 2.5 million people

Featured Article

Microsoft dodges UK antitrust scrutiny over its Mistral AI stake

Microsoft won’t be facing antitrust scrutiny in the U.K. over its recent investment into French AI startup Mistral AI.

2 days ago
Microsoft dodges UK antitrust scrutiny over its Mistral AI stake

Ember has partnered with HSBC in the U.K. so that the bank’s business customers can access Ember’s services from their online accounts.

Embedded finance is still trendy as accounting automation startup Ember partners with HSBC UK

Kudos uses AI to figure out consumer spending habits so it can then provide more personalized financial advice, like maximizing rewards and utilizing credit effectively.

Kudos lands $10M for an AI smart wallet that picks the best credit card for purchases

The EU’s warning comes after Microsoft failed to respond to a legally binding request for information that focused on its generative AI tools.

EU warns Microsoft it could be fined billions over missing GenAI risk info

The prospects for troubled banking-as-a-service startup Synapse have gone from bad to worse this week after a United States Trustee filed an emergency motion on Wednesday.  The trustee is asking…

A US Trustee wants troubled fintech Synapse to be liquidated via Chapter 7 bankruptcy, cites ‘gross mismanagement’

U.K.-based Seraphim Space is spinning up its 13th accelerator program, with nine participating companies working on a range of tech from propulsion to in-space manufacturing and space situational awareness. The…

Seraphim’s latest space accelerator welcomes nine companies

OpenAI has reached a deal with Reddit to use the social news site’s data for training AI models. In a blog post on OpenAI’s press relations site, the company said…

OpenAI inks deal to train AI on Reddit data

X users will now be able to discover posts from new Communities that are trending directly from an Explore tab within the section.

X pushes more users to Communities

For Mark Zuckerberg’s 40th birthday, his wife got him a photoshoot. Zuckerberg gives the camera a sly smile as he sits amid a carefully crafted re-creation of his childhood bedroom.…

Mark Zuckerberg’s makeover: Midlife crisis or carefully crafted rebrand?

Strava announced a slew of features, including AI to weed out leaderboard cheats, a new ‘family’ subscription plan, dark mode and more.

Strava taps AI to weed out leaderboard cheats, unveils ‘family’ plan, dark mode and more

We all fall down sometimes. Astronauts are no exception. You need to be in peak physical condition for space travel, but bulky space suits and lower gravity levels can be…

Astronauts fall over. Robotic limbs can help them back up.

Microsoft will launch its custom Cobalt 100 chips to customers as a public preview at its Build conference next week, TechCrunch has learned. In an analyst briefing ahead of Build,…

Microsoft’s custom Cobalt chips will come to Azure next week

What a wild week for transportation news! It was a smorgasbord of news that seemed to touch every sector and theme in transportation.

Tesla keeps cutting jobs and the feds probe Waymo