Hireology, a fast-growing software startup, has raised another $12 million.
The maker of HR software has more than doubled in size, to about 100 employees in the past 12 months, and revenue is up 160 percent so far this year, said CEO Adam Robinson.
The new funding, led by Baird Capital Ventures, will allow the Chicago-based tech company to expand into new markets and boost sales efforts in core areas.
"We’ve known Adam and the team for a while,” says Jim Pavlik, a Baird partner in Chicago. "They’re a leader in a fragmented market. Human-capital management and HR technology has been one of the most active areas of investment for us. In 15 years, we’ve made over 10 investments in that category. ”
Hireology's software enables companies to manage the hiring process, from searching for applicants, to screening and tracking them through onboarding.
It found early success with franchise operations—which often had wildly varying hiring practices—and then found a niche among auto dealers. Customers include Aaron's rentals, Culligan International, Pearle Vision, Snap-on Tools and Bob Rohrman Auto Group.
Both pieces of business are growing fast, Robinson said, with the franchise business more than tripling in the past year. Now Hireology is looking for growth among independent operators in industries where it has a foothold, such as home health care.
“We're the leading talent technology for franchise-based home health care,” he said. “But that's just a fraction of the total home health care market.”
“We'll use the capital to double down on the success we've had,” he said.
Hireology's software uses data and algorithms to help businesses zero in on the skills and traits they're looking for in new hires.
It has more than 3,000 customers, who pay a monthly subscription fee, and over 10,000 active users, who process about 50,000 employment applications weekly. Robinson declined to disclose the company's financials.
Hireology was founded in 2010 and got its early backing from Firestarter and Lightbank. Altogether, the company has raised $25.5 million, including $10 million from Bain Capital nearly two years ago.
