Press Release: Woven Raises $2.5M Seed Round to Scale Remote Engineering Teams
Indianapolis, IN: Woven, a technical screening solution helping high-growth software teams hit ambitious hiring goals, has raised a $2.5M Seed Round of funding, led by High Alpha Capital with participation by existing investors and Elevate Ventures.
This funding follows a year where Woven increased revenue by 340%. This growth stemmed from frustration with the status quo of developer hiring, and has continued thanks to Woven’s proven success at finding “Hidden Gem” software engineers. These high-quality developers are often missed by traditional recruiting and screening processes.
“Woven has seen phenomenal growth over the past year, confirming our belief that hiring great software engineers is harder than it should be and showing clear signs that the tech industry is in desperate need for a product like Woven,” said Eric Tobias, Woven board member and partner at High Alpha. “We’re excited to double-down on our investment in Woven and continue helping them achieve their mission to remove bias from the hiring process.”
Since launching in 2018, Woven has earned a reputation as the high water mark for software engineering candidate assessments. Most solutions on the market focus on algorithmic problem solving and mainly assess the technical prowess of pre-vetted candidates. Woven’s approach is different, putting all candidates, regardless of resume, through an hour-long assessment that looks and feels like actual work. This provides a more robust view of candidates’ technical, communication, and problem-solving skills than a traditional code quiz.
This has also made Woven one of the most effective resources on the market for building remote teams, which has come into the spotlight in recent weeks.
“The rise of remote teams has gone from a trend to a national imperative,” said Woven CEO, Wes Winham. “We started Woven to ensure that every software engineer, no matter where they live, could find the right role for them. The rise of COVID-19 has made our mission even more pressing.”
In the past year, Woven’s customers have been able to hire great-fit engineers faster, with less engineering time and reduced bias in their hiring process. In fact, a third of all hires made through Woven would have been rejected based on their resume alone. Internally, the Woven team calls these candidates “Hidden Gems,” and they have transformed the way Woven’s customers think about hiring.
“As part of our continued success and growth vMOX was in need of expanding our development team quickly and with high quality developers. We needed developers that could onboard quickly and help us continue to build our advanced technology solutions,” said Richard Siebels, the CTO at vMOX. “We spent 9 months using traditional hiring approaches and were unsuccessful. Even with skilled recruiting firms, we had a 60% success rate with new hires. In just a few short weeks with Woven, we were getting pre-vetted capable applicants. We achieved hiring all positions in less than 90 days and we have had 100% success rate with the hires. The ‘Hidden Gems’ approach to hiring has helped us reduce our hiring costs by 70% and achieve something we did not think was possible.”
In the coming years, Woven plans to use this funding to expand their presence on remote-first software teams. This will allow them to incorporate cross-company matching for highly-qualified candidates, furthering their mission to help every engineer find a great-fit team where they can thrive.
Woven is a technical screening solution that helps high-growth engineering teams hit ambitious hiring goals. They do this by identifying great-fit developers that other companies may overlook. This expands their customer’s applicant pool while helping them hire more effectively. With Woven, every candidate, regardless of background, gets a fair shot to demonstrate their abilities. This helps ensure that the right person is hired, every time. Hires made with Woven are ⅔ less likely to churn in their first 120 days than industry averages.
Woven’s customers include many of the fastest growing software teams in the country, ranging from mid-sized cities like Indianapolis, Nashville, and Austin to New York, Chicago, and Silicon Valley. For more information about how Woven can help you hit your ambitious developer hiring goals: WovenTeams.com or follow on Twitter at @woven_teams.
About High Alpha Capital:
High Alpha is a leading venture studio focused on building next-generation enterprise cloud companies through a new model for entrepreneurship that unites company building and venture capital. The High Alpha team partners with entrepreneurs, investors and large corporations to conceive, launch and scale new software companies. For more information: highalpha.com or on Twitter at @highalpha.
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