Chicago-based tech startup Yello has raises $31 million in a Series C funding round led by growth equity firm JMI Equity and joined by existing investor First Analysis. The company, which has more than quadrupled its staff to around 130 individuals since the start of 2015, will use the new funding to accelerate the growth of its talent acquisition platform.
The software company, which was founded in 2008 by serial entrepreneurs and former college roommates Dan Bartfield and Jason Weingarten, aims to enhance the speed and transparency of the talent acquisition process. Yello claims to offer a more humanized and personalized candidate experience, which Weingarten says should be at “the forefront of every recruitment process.”
JMI general partner Peter Arrowsmith has been appointed to Yello’s board of directors.
“Yello is a trailblazer in helping enterprises solve critical pain points around recruiting and talent management,” said Arrowsmith. “We are impressed with the customer feedback on Yello’s innovative, cloud-based solution and the Company’s reputation for outstanding customer service. We look forward to partnering with the Yello team to help drive the next phase of growth and success.”
The software provider says its single solution for recruitment marketing and operations activities is currently utilized by customers including Fortune 500 companies and many high-growth businesses. Yello typically targets enterprises with over 5,000 employees as it aids in spotting talent, contacting prospects and managing the pipeline from initial contact to job offer.
The firm says the high turnover rate in recruiters has driven customer acquisition as individuals bring the product with them to a new job. Clients include Comcast, Johnson & Johnson, PepsiCo and Aramark. For its largest accounts, Yello indicates it can prove a clear return on investment in dollars while charging up into the single digit millions for comprehensive use of its offerings.