Teamable, a San Francisco, CA-based HR referral recruiting platform, closed a $5m Series A funding.
The round was led by venture capital firm True Ventures with participation from the SaaStr Fund.
The company will use the funds to accelerate growth and accelerate its relationships with clients.
Led by CEO and founder Laura Bilazarian, Teamable provides recruiters and hiring managers with search and machine learning tools to source candidates and receive introductions from their employees’ social networks. For companies prioritizing diversity and inclusion efforts, the search tool can identify passive candidates from underrepresented groups that would otherwise be difficult to source.
Referral candidates are four times more likely to get hired and do so 55 percent faster than candidates from other channels. The cost-per-hire for referrals is lower, their employee satisfaction and retention rates are higher and they are 25 percent more profitable than their peers. As candidates, referrals are five times more likely to respond to a direct email from someone in their social network.
Clients include Lyft, Stripe, and Quantcast.