Workable raises $27 million to streamline hiring process

Workable is a hiring software for small- and medium-sized businesses.
Workable is a hiring software for small- and medium-sized businesses.

Workable, a company that creates hiring software for small- and medium-sized businesses, said Wednesday it has raised $27 million in a Series B round of funding, bringing its total in three years to $34.5 million.

Launched in Athens in 2012, Workable opened small offices in London soon after, followed by New York City. The company moved its headquarters to Boston in 2014 to take advantage of the experienced business-to-business software developers here, chief executive Nikos Moraitakis said.

With 1,500 clients in the United States, 3,000 worldwide, Workable is used by companies to create a job posting, which is then curated on a variety of hiring websites, such as LinkedIn, Monster, or Career Builder. When a potential hire has an interest in the job, the applicants are tracked on the Workable website, streamlining the hiring process by connecting the communication, scheduling, and analytics in one place.

This is a process large companies have had for many years, Moraitakis said, but small companies have not been able to take advantage of due to cost.

But why did Workable set up headquarters in Boston after seeing initial success abroad?

“Startups benefit the most from a concentration of talent and investors,” Nikos said. “Europe suffers from fragmentation.”

Moraitakis said Workable moved to Boston to be closer to its customers and to be part of the fast-paced startup scene. The company currently has nine employees in Boston and 50 worldwide, and plans to quadruple its workforce at the headquarters by next summer.

Among the top  20 startup cities around the world, Boston ranks fourth, according to a 2015 report conducted by Compass, a curator of automated management reports and benchmarks for small- and medium-sized online businesses. The compilation is based on five components: performance, funding, talent, market reach, and startup experience.

Only two of the top 10 cities are in Europe, London and Berlin. Boston also continues to grow in funding received from venture capitalists – the city ranks third in funding from investors with $4.4 billion, according to the aforementioned survey of 11,000 startups in 25 countries.

Workable’s latest funding round was led by Balderton Capital, with the participation of 83North and Notion Capital, all European companies.