Teamable, a a pioneering HR referral recruiting platform, today announced that it has closed $5 million in Series A funding led by venture capital firm True Ventures with participation from the SaaStr Fund. Teamable will use the funding to accelerate growth and deepen its relationships with clients like Lyft, Stripe, and Quantcast.

Employee referrals are the most effective way to hire top-quality talent for companies large and small, but to date the workflows and processes have not been supported by HR tools. Teamable gives recruiters and hiring managers the ability to easily source candidates and receive warm introductions from their employees' social networks.

"Teamable is the best referral and sourcing tool you'll ever use," said Adrianna De Battista, Senior Technical Recruiter at Lyft. "It makes it fun for employees to find and refer top talent from their networks and easy for recruiters to prioritize diversity and connect with referrals."

Advanced search and machine learning algorithms powering the Teamable platform make it simple for recruiters to source highly qualified candidates. For companies prioritizing diversity and inclusion efforts, Teamable's search can identify passive candidates from underrepresented groups that would otherwise be difficult to source.

Teamable's easy-to-use platform transforms referral hiring from a time-intensive and manual activity into a fast and easy process of directly connecting with the best-qualified candidates in your employees' networks. The referral and engagement flows are intuitive and optimized for adoption and use.

"Teamable is a critical platform in allowing us to deepen and scale our referral culture at Medallia as we grow," said Mike Podobnik, Head of Global Talent Acquisition at Medallia. "Through our partnership we aren't just talking about building better, higher performing, and more diverse teams, we're actually doing something about it."

Referral candidates are four times more likely to get hired and do so 55 percent faster than candidates from other channels. The cost-per-hire for referrals is lower, their employee satisfaction and retention rates are higher and they are 25 percent more profitable than their peers. As candidates, referrals are five times more likely to respond to a direct email from someone in their social network.

"At Teamable, we're laser focused on helping our customers fill business-critical roles quickly and effectively," said CEO and founder of Teamable Laura Bilazarian. "We feel a strong responsibility to help companies grow and reach their diversity and inclusion goals."

"Teamable has tapped into the most effective channel of high-quality hires: the referral," said Tony Conrad, partner at True Ventures. "Companies that engage top-tier talent have the ultimate advantage, and Teamable is uniquely positioned to help them leverage referral hiring to do just that. We're excited to help this company scale and bring their technology to recruiters and talent managers."

About Teamable
Teamable is a modern employee referral and diversity hiring engine that transforms social networks into high-performance talent pools. Teamable scales and optimizes referral programs and diversity initiatives by replacing spreadsheet-based approaches with intuitive search and cloud-based, mobile-friendly referral flows. Teamable makes it easy for employees to share their connections and for recruiters to source and request warm introductions. Teamable helps scale and optimize referral recruiting to fill business-critical roles while driving down time-to-hire and cost-per-hire metrics. To learn more about Teamable, visit www.teamable.com.