Businesses of all sizes know the importance and difficulty behind making the right hires. At times, good talent can seem impossible to find and expensive to land, especially in the chaotic, competitive talent marketplace today.
Hireology was developed to assist businesses by centralizing all hiring activity, automating new employee onboarding, and helping source candidates with branded career sites. Their software makes it easy for companies to source, select, and verify candidates in order to build their best possible team.
How much is Hireology doing in MRR?
Hireology is a pure-play SaaS platform that prices on a per location basis and scales with employee footprint. On average, a typical location pays them between $250 and $300 each month, with each franchise possessing an average of 4 locations.
The company is serving more than 5k total locations at this point in time and is at $1.7M in MRR today, according to CEO Adam Robinson. The company is growing and is on track to cross $2M in MRR by the end of 2018.
What is Hireology’s churn?
Churn is always a point of struggle for companies playing in the SMB space. Hireology is currently exhibiting north of 90% net revenue retention and is working to drive growth in existing accounts in order to cross into net negative revenue churn by the end of 2018. Robinson and the entire team plan to drive expansion through product upsells.
Thought leadership is responsible for a good portion of Hireology’s new customer acquisition. Robinson recently authored The Best Team Wins which has helped land the company paid speaking engagements and ultimately help them land more deals. Overall, the company is receiving payback in under 11 months when acquiring a new customer.
How much has Hireology raised to date?
In terms of venture capital, Hireology has raised a total of $31M across three separate rounds. Their most recent round came at the beginning of 2018 and has helped them scale their team to 170 full-time employees right now.
With noteworthy success thus far, in a growing space, expect Hireology to sustain their level of dominance as they look to add additional products down the road.