// IP Marketing video - START// IP Marketing video - END

Teamable, an Armenian startup, raises $5 mln and acquires Simppler

Teamable, an Armenian startup, raises $5 mln and acquires Simppler

PanARMENIAN.Net - Teamable, a provider of hiring software created by a group of Armenian developers, which leverages employees’ social networks, has brought in $5 million from new investor Foundation Capital and existing backers True Ventures and SaaStr Fund, TechCrunch says.

The startup also announced its acquisition of Simppler‘s referral recommendation engine and matchmaking recruiting software. Teamable’s co-founder and chief executive officer Laura Bilazarian declined to disclose the terms of the deal but said none of the $5 million investment was used to finance the transaction.

According to Crunchbase, Simppler had raised $3.2 million in equity funding from Foundation Capital, Greylock, Vertex Ventures and others. The company, which is akin to Teamable, creates a referral platform using existing employee networks; it was founded by Vipul Sharma in 2013. Sharma previously ran machine learning at Eventbrite and, according to his LinkedIn profile, he’s been an engineering director at Indeed for the past year.

Sharma and the Simppler team will not be joining Teamable .

Using Gmail, Facebook, GitHub and other social media platforms, Teamable aggregates its employees’ contacts to connect recruiters with a more focused set of potential candidates. Companies using Teamable, including Spotify and Lyft, then facilitate a warm introduction between a candidate and the employee in their network. The startup says its social recruiting algorithms lead to more efficient and diverse hiring practices.

“I don’t think candidates love the way recruiting is done,” Bilazarian told TechCrunch. “They are throwing applications over a wall and not hearing back. And I don’t think companies love the way recruiting is done because people are just making guesses based off a job description and they aren’t getting the right applicants.”

“Instead of few people at a company spamming the entire world, you have people who really understand the company reaching out to you,” she added. “Teamable is very precise. It’s reach out to five people to get a hire versus reach out to 200 just to get one response.”

The Foundation-led investment brings Teamable’s total equity funding to date to $10 million, including last year’s $5 million Series A. Bilazarian says the 50-person company is cash flow positive with 200 customers. With offices in San Francisco and Yerevan, Armenia, Teamable will use the capital to expand its team and recruiting platform.

Read also: Teamable Armenian software start-up helps find best experts

 Top stories
Sophia the Robot has shared a picture with Armenian Prime Minister Nikol Pashinyan and his wife Anna Hakobyan on her Twitter.
According to the Deputy Minister, the agreement was reached during a recent visit by Deputy Prime Minister Tigran Avinyan to Los Angeles.
Apple announced iPhone Xs and iPhone Xs Max, which will be available in Armenia beginning September 28.
Turnover in the tech sector has swelled from a humble $96 million in 2008 to over $765 million in 2017.
Partner news