Workable yesterday announced a $27m Series B round, led by Balderton Capital, along with Notion Capital and existing investors 83 North (previously Greylock IL). For a company that started three years ago in Athens, the size of this round may come as a surprise. To those of us on the inside, it is not. Spyros and Nikos have put together a 48-strong, world-class team that day-in and day-out builds software that is both used and loved by thousands of small companies all over the world.
Hiring remains the most essential businesses process and yet the most inefficient. Workable is the only solution available to the tens of millions of businesses that need a self-service tool to make their next hire. In this context, the way ahead for Workable is straightforward, and this is what this growth stage round is for.
Make no mistake, this is not the finish line or the time for victory laurels. Challenges grow as a company scales and the stakes are now higher. At the same time though, a round of this size serves to demonstrate the value that the company has created, while also indicates how far it is expected to go. Getting to this stage means that a number of difficult problems have already been solved, and, no matter how tough the next steps may be, this is also a moment for the team to acknowledge how far they have come and how quickly they have travelled. So, kudos Workable!
We also consider the track record of Workable to be a vivid illustration of the potential in the local ecosystem. A number of questions that were on the table when we started Openfund have now received a definite answer. Yes, it is feasible to start a technology company in Greece without limiting any of your ambitions. We are hard at work on more cases like Workable; what we can share today is that the future of Greek startups is a bright one.