TPG Takes Majority Stake In HR Software Company Greenhouse With $500 Million Investment

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Private equity giant TPG has closed on a $500 million investment into HR software startup Greenhouse, taking a majority stake in the company following a year when it both laid-off employees and reported surging revenue

Courtesy of Greenhouse

The investment is a loud endorsement of Greenhouse after a turbulent year for the startup, which provides software to companies to track job applicants and bolster recruiting efforts. After the Covid-19 pandemic hit the United States in March, Greenhouse laid off almost a quarter of its employees as it watched hiring plummet across the entertainment, hospitality and travel industries.

Chait, a serial founder who’s previous company advised global banks on technology strategies, says he saw firsthand the need for better back-office technology for recruiting tasks within human resources departments, before he launched Greenhouse in 2011 as a co-founder. While the company has grown, it has been almost 3 years since Greenhouse last raised capital, when it secured a $50 million series D funding round led by Riverwood Capital in 2018.

 

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And the cycle continues

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One of the startups I thought Salesforce would buy

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