Greece-based Workable secures $1.5M in round led by Greylock IL

March 7
6:48 AM 2014

Workable has secured a $1.5 million in its most recent funding round, TechCrunch reported.

The round for the Athens, Greece-based developer of a cloud-based recruitment platform geared for small and medium enterprises or SMEs, was led by the Israel/UK-based affiliate of Greylock Partners, Greylock IL, and joined in by Openfund. Individual investors and Openfund had previously provided a $950,000 seed investment to the startup, the report said.

Workable Co-Founder Nikos Moraitakis told TechCrunch that more than 60% of their 300 clients are based in the US even if they hold headquarters in Greece. Because of this, they will be setting their sights in the US. Moraitakis said in the interview, "The U.S. is the biggest opportunity for us. Even without trying we are getting the most customers there."

According to Moraitakis, other venture capitalists also signified their interest in Workable. However, it was really their intention to raise only a minimal amount for this round since it is readying itself to engage in a larger funding round soon, the report said.

There are other players in the cloud-based recruitment space. Like Workable, they also provide businesses with hiring tools that allow the company to make available job listings, post them on various networks and handle the process of getting people to its team. However, Moraitakis said that what sets them apart from the competition is that they are geared solely for the SME market.

He told TechCrunch, "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. 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."

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