Greenhouse Secures $50M Growth Investment From Riverwood Capital
Investment will support global growth among enterprise businesses and advance innovations for the company's expanding product suite
NEW YORK, July 12, 2018 /PRNewswire/ -- Greenhouse, the fastest-growing enterprise talent acquisition suite, today announced it has raised $50 million in Series D funding from Riverwood Capital. Greenhouse will use this investment to meet growing demand for its platform globally and expand its category-leading capabilities in the areas of recruiting, onboarding, hiring analytics, and diversity and inclusion. Founded in 2012, Greenhouse has now raised more than $110 million.
Today, talent is a company's greatest asset. As a result, making good hires isn't just an HR concern anymore -- it's an overall business imperative. This is why more than three-quarters of companies cite hiring and recruiting software as critical in any successful talent acquisition strategy.
"Enterprise businesses compete for the best talent and manage thousands of candidates across their organization," said Daniel Chait, co-founder & CEO, Greenhouse. "This is why interest in our category has exploded. An optimized recruitment process is a competitive advantage. We built Greenhouse to help companies get better at every area of hiring -- from finding the right candidates, to conducting more focused interviews, to making more data-driven decisions."
"Greenhouse delivers what organizations need today -- a smarter way to hire," said Francisco Alvarez-Demalde, co-founder and Managing Partner of Riverwood Capital. "The company's software helps enterprise businesses more efficiently and effectively recruit the best talent. We're impressed by Greenhouse's technology and their approach to the market and are eager to help them continue to scale."
Diversity and inclusion are especially critical to successful hiring and recruitment. According to McKinsey, organizations that value diversity outperform those that don't. Their latest research shows that companies in the top quartile for ethnic diversity are 33% more likely to see higher-than-average profits than companies in the lowest quartile. This is why the number of executives who cite inclusion as a top priority has grown 32% since 2014, according to Deloitte. Still, half of all employers call their own diversity efforts "weak," with unconscious bias in the hiring process a common roadblock. Studies confirm, for example, that white candidates see significantly higher callbacks for job interviews, compared to Black and Latino candidates with identical resumes.
"Diversity isn't just a box to check in HR," said Maia Josebachvili, VP of Marketing & Strategy, Greenhouse. "Leading organizations see diversity and inclusion as critical to every part of their business. It enhances employee engagement, improves reputation and boosts revenue."
To help organizations unlock the value of diversity and inclusion in hiring, Greenhouse recently launched Greenhouse Inclusion, in partnership with Paradigm. Trusted by leading tech companies and many of the Fortune 500, Paradigm takes a data-driven approach to diversity and inclusion to design and execute high-impact D&I strategies. Greenhouse Inclusion is designed to help companies operationalize behavior change and mitigate bias during the hiring process to build stronger, more diverse teams. The solution was developed in collaboration with academic and industry diversity and inclusion experts from Pinterest, Stanford University, and others.
"Smart leaders are committing to building diverse and inclusive businesses," said Chait. "As a member of the Founders for Change coalition, we are proud to value diversity and inclusion, and we are very excited with our Inclusion product."
"Greenhouse Inclusion improves and standardizes the way organizations operationalize recruiting with structured hiring, which addresses unconscious bias at every turn," added Josebachvili. "It helps scale and evaluate an inclusive hiring process."
"Greenhouse's current product suite and its vision for the future can become a key tool for companies globally to attract and compete for the best talent, building better, more diverse, and committed teams," said Alvarez-Demalde.
"Riverwood Capital is the perfect partner," added Chait. "They understand our vision for Greenhouse, the opportunity we have to continue growing in North America and globally, and the potential of our expanding talent acquisition suite. They bring unique expertise in scaling and growing technology businesses. This was an important consideration for us as we met with firms."
Greenhouse has seen enormous demand globally, with more than 2,500 customers using the platform in over 50 countries. The company will deploy its latest round of capital to fund additional growth across enterprise clients both domestically and abroad. The round will also be used to fund investments in R&D to continue innovating its products.
For more information about Greenhouse, please visit https://www.greenhouse.io.
About Greenhouse:
Based in New York City and San Francisco, Greenhouse Software is the leader in enterprise talent acquisition software. Thousands of the smartest and most successful companies like Cisco Meraki, Buzzfeed, J.D. Power, Warby Parker and Airbnb use Greenhouse's intelligent guidance to design and automate all aspects of hiring throughout their organizations, helping them compete and win for top talent. Greenhouse has won numerous awards including #1 Best Place to Work by Glassdoor, Forbes Cloud 100, and Talent Acquisition FrontRunner leader by Software Advice. Greenhouse lives its mission that hiring great employees is a strategic business goal, having been recognized as an Inc. Magazine Best Workplace in 2018 and is ranked #15 in Crain's New York Best Places to Work 2017. To learn more, visit greenhouse.io.
About Riverwood Capital
Riverwood Capital is a private equity firm that invests in high-growth, middle-market companies primarily in the global technology, technology-enabled, and other related industries, including businesses in the financial services, consumer and services sectors where the use of software, information and digital technologies, and similar fields, can contribute to value creation. Riverwood offers a unique combination of operational, strategic, technology, and financial insight to portfolio companies that typically need growth capital and expertise to scale on a global basis. The firm seeks to invest in established businesses with a proven technology and business model, and the proper fit in terms of culture and values, in both minority and control situations. Riverwood has offices in Menlo Park, CA; New York, NY; and Sao Paulo, Brazil. Please visit www.riverwoodcapital.com.
SOURCE Greenhouse Software
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