Recruitment platform Ashby secures $30 million in funding

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June 6, 2024 – Ashby, a recruiting platform that efficiently scales the workforce from startup to enterprise, has raised another $30 million in equity funding. This financing round comes with a vote of confidence from existing investors following six-fold revenue growth. Lachy Groom, who also led Ashby’s seed round, led the Series C with participation from Elad Gil, F-Prime, Y Combinator and existing Ashby customers. To date, the company has raised approximately $70 million. This latest round of funding will enable Ashby to continue the rapid pace of product development and business expansion.

“At best, fundraising accelerates something that is already going very well. We are fortunate to be in that position and as a result we have decided to bring our Series C forward by a few quarters,” said Benjamin Encz, co-founder and CEO of Ashby.

“It has been great to see Ashby’s growth and product speed over the last few years,” Mr Groom said. “Despite a tough market, Ashby has grown the company six times since its Series B and has received a lot of love from customers over the years. a space that historically had a very low NPS. In today’s environment, more and more talent teams are looking to consolidate tools and ‘do more with less’ and Ashby, which is packed with automation and AI features, is perfectly positioned to capitalize on that trend.”

“It’s the first ATS I’ve ever been impressed with,” said Veronica Salcido, Head of Global Talent at Multiverse. “We were looking for an innovative partner that wanted to build the future of talent acquisition, not one that was stuck in the way things were done ten, twenty years ago. And moving to Ashby All-in-One meant I got rid of a lot of suppliers we no longer needed, so that made me look absolutely brilliant to my finance team.”

Ashby was founded in late 2018 by Mr. Encz and Abhik Pramanik. The company emerged from stealth mode at the time of its Series B announcement in September 2022 and has since grown into a company supporting more than 1,300 customers ranging from some of the fastest-growing startups in the world to some of the most cutting-edge enterprises with more than 18,000 customers. staff.

Investment financing

Investors are pouring money into acquiring solutions companies, especially those with a psychology and data science component. Here’s a look at some other recent financing deals secured by these US companies Hunt Scanlon Media Archives:

Nursa, a per diem recruitment platform for nurses, recently completed an $80 million Series B funding round. The round was led by Drive Capital, a Columbus, Ohio-based venture capital firm. The round included existing partners Pelion Venture Partners, a venture capital firm based in Salt Lake City, UT, and Kickstart Fund, a venture capital firm based in Cottonwood Heights, UT. Total financing at Salt Lake City-based Nursa now stands at $100 million. “Recruitment companies – even those with technology – are severely limited in their ability to find specialty nurses with experience and qualifications that match the needs of their patients,” said Molly Bonakdarpour, general partner of Drive Capital. “Typically, these groups are limited to their existing networks, require contracts and cannot hire staff for a fixed daily wage, increasing unnecessary costs for providers.”

Candidate.fyi recently secured a $1.3 million pre-seed funding round. The company’s platform offers a candidate portal where candidates can receive information along their journey, pulse surveys to collect applicant feedback, the ability for applicants to book meetings and create profiles online, and a scheduled scheduling feature. Founded by brothers Kyle and Chris Connors, with expertise derived from roles at Google and technical leadership positions, candidate.fyi integrates with existing workflows and more than 40 candidate tracking systems to automate candidate preparation, scheduling, communication and feedback. Some of its customers include Synthesia, Tropic, Yext, Thrive Market and MariaDB.

San Francisco-based Instawork, a platform for connecting businesses with skilled hourly workers, has raised $60 million in a Series D funding round led by TCV. The round also included participation from new investors 9Yards Capital and Larry Fitzgerald Jr., as well as existing investors Benchmark, Spark Capital, Craft Ventures and Greylock. With this new funding, Instawork aims to accelerate investments in its AI-powered mobile app and platform, which connects more than 4 million skilled workers per hour to tens of thousands of businesses. “We are excited to partner with TCV and our other new and existing investors to continue our mission to make work more flexible and rewarding for everyone,” said Sumir Meghani, co-founder and CEO of Instawork. “This funding will allow us to accelerate our investments in AI and machine learning, which will help us better match businesses with the skilled workers they need, and help workers find the services that fit their schedules and lives .”

HR software startup Rippleing has raised $500 million in a new funding round initially aimed at helping customers earn their wages in the wake of the Silicon Valley Bank (SVB) collapse.. The round, led by technology investor Greenoaks Capital, gave Ripple the same $11.25 billion valuation it achieved after its previous capital raise last year, the company said. Ripple announced in a March 17 blog post that it had received a $500 million Series E funding round. Putting together the round took less than three days and took place after the collapse of the SVB, the post said. It also noted that it has moved its banking operations to JPMorgan Chase.

Related: WilsonHCG secures $120 million in financing from 3i Group

Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, editor-in-chief; Lily Fauver, Editor-in-Chief – Hunt Scanlon Media