Lever Raises $20M to Improve How Companies Hire

January 28, 2016

11:04 am

Looking for a job is about more than having a polished resume or great background, it’s practically an art form. Some cities require extensive networking and internal sourcing, large tech companies employ unconventional tactics to find the best candidates, and then there are the cumbersome application systems. In many cases the hiring process can be as grueling to the applicant as it is to the hiring manager, all because they are required to use an antiquated hiring platform.

For San Francisco, CA-based Lever, they have been on a mission to change the hiring process since launching in 2012. Along the way their platform has enabled hundreds of companies like Lyft and Netflix to source, track, and hire applicants in a single system.

Today the company is announcing a $20 million Series B round led by Scale Venture Partners. According to a company statement, they plan to use the new round of funding to fuel product development, sales, and marketing efforts.

The hiring and recruiting market is has a great deal of money, but even greater gaps in the technology being employed. According to Lever’s analysis, $124 billion was spent on talent acquisition in the US alone, with an annual growth of 7 percent. Combine this with shorter career tenures and longer hiring times, systems like Lever will become the new norm.

“Companies today are always recruiting, and landing quality hires is incredibly competitive. Organizations that shift to meaningfully involving all the right stakeholders in the hiring process – from recruiters to hiring managers – and building talent relationships, rather than viewing recruitment as transactional, are likeliest to win,” said Cofounder and CEO Sarah Nahm. “With this new financing, and leveraging Scale’s deep experience with SaaS companies, we are poised to power the process for thousands of companies as they reinvent the way they recruit and hire.”

The company is also a representative of diversity in tech. With this new round of funding, Scale Venture Partners’ Stacey Bishop will join Lever’s board of directors. This will bring their board to 40 percent female, with the overall team consisting of 42 percent female (48 percent non-caucasian).

“Lever is effectively addressing a universal pain point – hiring – which has led to, and will continue to lead to, its rapid growth,” said Stacey Bishop, partner at Scale Venture Partners. “The team has provided a fresh perspective to an old problem, creating a platform that makes the process of hiring a more personal, collaborative and positive experience. We look forward to supporting the team in the next phase of the company’s evolution.”

To date, Lever has raised more than $32 million in funding from Scale Venture Partners, Matrix Partners, Y Combinator, Redpoint Ventures, and Correlation Ventures.

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Elliot is an award winning journalist deeply ingrained in the startup world and is often digging into emerging technology and data. When not writing, he’s likely either running or training for a triathlon. You can contact him by email at elliot(@)elliotvolkman.com or follow him on Twitter @thejournalizer.

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