Ashby
The recruiting software that fast-growing startups pick first. Over 4,400 customers, revenue more than doubling, and a Series D priced at twice the last round, but still burning cash.
Ashby One keynote recap, May 7, 2026- Valuation
- Not disclosed Ashby says the July 2025 Series D was priced at 2x its Series C. No dollar figure has been published.
- Raised
- About $115M Our sum: $34.5M through the 2022 Series B, then a $30M Series C and a $50M Series D.
- Revenue
- Over 100% growth Revenue more than doubled in the year to May 2026, per Ashby. No dollar figure published.
- Watch
- Not yet profitable The CEO said in July 2025 it expects several more years of investment before turning a profit.
- AI
- MCP server live Since June 2026 ChatGPT, Claude and Cursor can read Ashby records and make a few changes (open beta).
- Liquidity
- None reported No tender offer or staff secondary sale found for Ashby.
- Hiring
- 63 → 74 remote listings since Oct 19.
Subscription software for recruiting teams, priced by company size.
Ashby sells one system for applicant tracking, sourcing CRM, scheduling and analytics. The startup plan starts at $400 a month for up to 100 employees; larger plans are quoted. Paid add-ons include an AI notetaker, advanced scheduling and SSO. Ashby does not publish a revenue split.
Ashby pricing page, checked Nov 3, 2026- 1The default ATS for AI startupsAshby says 70% of Forbes' top AI startups use it, up from 50% a year earlier. Named customers include OpenAI, Notion, Cursor and Ramp.Ashby One keynote recap, May 7, 2026
- 2One data model across the whole hiring funnelATS, CRM, scheduling and analytics share one system, so reports need no stitching. Analytics is even sold alone to companies that keep another ATS.Ashby pricing page
- 3Growth that costs little to buyThe CEO said most growth has been word of mouth, and the burn multiple stayed under 1x through 2025, leaving most Series C cash untouched.Crunchbase News, Jul 22, 2025
- Rippling$16.8Bprivate, May 9
- Gem$1.20Bprivate, Sep 28
Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.
Every round, and what its terms give away.
Ashby is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $115M
- raised in all
- +100%
- growth, as reported
- 220
- employees, as reported
Not profitable. Burn multiple under 1x through 2025; the CEO expects several more years of investment. Growth is 'over 100%' in the year to May 2026 (135% the year before).
Crunchbase News Jul 2025; Ashby keynote May 2026; total is our sum- Jul 22Series D$50MLed by Alkeon (Mark McLaughlin), co-led by Lachy GroomF-Prime, Elad Gil and Gaingels joined. Oversubscribed; Ashby says it took $50M to limit dilution at 2x the Series C price.Ashby blog, Jul 22, 2025
- Jun 3Series C$30MLed by Lachy GroomElad Gil, F-Prime and Y Combinator joined. Called an up round from Series B. Form D: $30M of equity, 9 investors, first sale May 17, 2024.Ashby blog, Jun 3, 2024; SEC Form D May 30, 2024
- Jan 5Small equity sale$2.0MLed by Not disclosedForm D shows $2.0M sold of $2.7M offered, equity and options, to one investor. Never announced as a round.SEC Form D, Jan 19, 2023
- Sep 13Series B$22MLed by F-Prime CapitalAnnounced with the public launch; total raised then $34.5M. A Form D from Mar 2022 shows $24.5M of equity sold from Feb 7, 2022.TechCrunch, Sep 13, 2022; SEC Form D Mar 3, 2022
- Down round or flat round?Up round. Ashby says the Series D was priced at 2x the Series C, which was itself an up round from Series B. Dollar values not disclosed.Ashby blog, Series D and Series C postsClear
- How much of the company the last round soldCannot compute: no post-money valuation has been published for any Ashby round.Crunchbase News, Jul 22, 2025Open
- Time since the last raiseAbout 15 months (Jul 2025). The CEO said most Series C money was still unspent at the time, so a long gap is not a strain signal by itself.Crunchbase News, Jul 22, 2025Clear
- Structured or unusual termsNone reported. No Form D for the Series D appears on EDGAR (latest filing May 2024), so the filing could not be checked.SEC EDGAR filing list, checked Nov 3, 2026Open
- New outside lead or insiders only?New outside lead: Alkeon, with returning seed and Series C lead Lachy Groom co-leading.Ashby blog, Jul 22, 2025Clear
- Employee liquidityNo tender offer or staff secondary sale found in Ashby posts or news coverage.News search Nov 3, 2026Open
- Layoffs in the last 12 monthsSearched news for Ashby layoffs through Nov 3, 2026: none reported. Ashby said in Jul 2025 its original leadership team had zero attrition.Ashby blog Jul 2025; news search Nov 3, 2026Clear
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Good
Customers nearly doubled again.
Ashby One keynote, May 7, 2026; Ashby support pageAbout 1,300 customers in Jun 2024, over 2,700 in Jul 2025, over 4,400 by May 2026. Ashby's support page now says 5k+.
Three years of roughly doubling. The 5k+ figure is a marketing page and undated, so treat it as a floor.
- 02Neutral
First acquisition: an AI interviewer.
Ashby blog, May 7, 2026Ashby bought the team and assets of Talent Llama, closing late 2025; terms not disclosed. The rebuilt AI Interviewer was in private beta in May 2026.
AI first-round screens are now table stakes. Ashby chose to buy a team rather than build from scratch.
- 03Watch
Its biggest ATS rival bought the same capability two days earlier.
Greenhouse newsroom, May 5, 2026Greenhouse agreed May 5, 2026 to buy Ezra AI Labs, a voice AI interviewer. Greenhouse says it has served over 7,500 companies.
Greenhouse is still larger by customer count and is matching Ashby feature for feature on AI.
- 04Good
Moving past hiring into onboarding.
Ashby press release, May 7, 2026People Workflows, launched May 7, 2026 in early access with more than 25 customers, automates new-hire onboarding inside Ashby.
A first step into HR software after the offer is signed, where Rippling and Workday already sit.
- 05Watch
Still burning cash, by choice.
Crunchbase News, Jul 22, 2025In Jul 2025 the CEO said profitability was several years away, while the burn multiple stayed under 1x.
Efficient burn, but the company depends on the funding market staying open until it turns a profit.
- 06Neutral
No valuation has ever been published.
Crunchbase News, Jul 22, 2025Ashby has never disclosed a dollar valuation; it only says the Series D was 2x the Series C. Data vendors publish conflicting estimates.
Anyone weighing an equity offer should ask for the latest 409A price and preferred share price directly.
- 07Neutral
Filings and announcements do not line up neatly.
SEC EDGAR, checked Nov 3, 2026A Mar 2022 Form D shows $24.5M of equity sold from Feb 2022, six months before the $21.5M Series B was announced. No Form D for the 2025 Series D appears on EDGAR.
Probably timing and an announced figure that excludes some investors, but it is unexplained.
- 08Good
Remote-first across 20+ countries.
Crunchbase News, Jul 2025; TechCrunch, Sep 2022About 220 employees, remote-first, in more than 20 countries as of Jul 2025, up from 55 in Sep 2022.
Headcount quadrupled in under three years without leaving remote-first.
Sales is paid 58% over market. Engineering, 21% over.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with Ashby?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Ready for agents. A first-party MCP server, llms.txt on both the site and docs, and open robots rules.
Still Remote read- YesAn MCP server for AI agentsHosted Ashby MCP (open beta, Jun 29, 2026) over per-user OAuth. Reads candidates, jobs, interviews and feedback; writes notes, new candidates and stage moves.Ashby docs, MCP Server (Beta)
- Yesllms.txt on the main siteashbyhq.com/llms.txt gives AI tools a product summary and links to pricing, docs and the trust center.checked Nov 3, 2026
- YesDocs that AI tools can readdevelopers.ashbyhq.com/llms.txt indexes the API reference, webhooks and job postings API in markdown.checked Nov 3, 2026
- YesLets AI crawlers read its siteashbyhq.com/robots.txt allows all bots and names none. The jobs.ashbyhq.com board blocks only /meeting/, /b/ and /api/.checked Nov 3, 2026
- AnnouncedIts own in-app agentsAshby Assistant (also in Slack) and Custom Agents launched May 2026; Scheduling Agents were in preview.Ashby One keynote, May 7, 2026
- YesA public API agents can build onDocumented REST API and a public Job Postings API. Ashby says MCP tools may change, and points builders to the API for a stable contract.Ashby docs
Where Ashby puts AI to work.
- 1It tests AI interviews on its own hiringIn an internal APAC hiring test in mid-2025, 36% of advancing candidates chose an AI interview over a recruiter call. Three offers have gone to candidates from that path.Ashby press release, May 7, 2026
- 2New money went to AI productAshby said the Series D would fund product development, especially AI. Over half of customers used Ashby AI daily by Jul 2025.Ashby blog; Crunchbase News, Jul 2025
More listings than on Oct 18, led by customer.
What Ashby puts on its own channel.
Short videos from Ashby's official YouTube channel, played here. We only use a channel that links ashbyhq.com and carries the company's name.
- Evolving Autonomy in Team Roles33 views
- 3 Priorities for a Future-Focused Recruiting Team853 views
- Advocate for Your Team and Yourself209 views
- Hiring Excellence Is Art and Science180 views
- Candidates Appreciate A Clear Hiring Process374 views
- The Impact of Skill Sharing in Recruitment33 views
- EU Pay Transparency and the Redesign of Work202 views
- Recognizing and Adapting to Shifting Job Roles166 views
The signals, and which way they push.
- TailwindStill doubling.
Customers from 2,400 to over 4,400 and revenue up more than 100% in the year to May 2026.
- TailwindRides the AI startup boom.
70% of Forbes' top AI startups use Ashby; those companies are among the fastest hirers.
- HeadwindRivals are copying the AI playbook.
Greenhouse bought a voice AI interviewer in May 2026, the same week Ashby showed its own.
- HeadwindBig HR suites bundle recruiting.
Rippling, valued at $16.8B in 2025, and Workday sell recruiting inside wider HR systems, a pitch Ashby answers with onboarding.
Where Ashby ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
Ashby lists on a US exchange by 2031.
Long shot 16%IPORevenue is doubling, but the CEO said in 2025 profit was several years out and no filing or banker hire has been reported. ATS revenue pools are smaller than the suites around it.
Crunchbase News, Jul 2025 - 2
A larger HR or payroll suite buys Ashby by 2033.
Coin flip 50%M&ARippling and Workday both sell recruiting, and Ashby's AI-startup customer base is a prize. Against that, the founders still run it and the original leadership team has not turned over.
Ashby blog Jul 2025; Rippling blog - 3
Post-hire HR tools become a real second product line.
Likely 72%ProductsPeople Workflows launched in May 2026 with over 25 early customers. Ashby already owns the data at the moment of hire.
Ashby press release, May 2026 - 4
Most first-round screens at Ashby customers are run by its AI interviewer.
Likely 72%AI36% of candidates already chose the AI path in Ashby's own test. Ashby and Greenhouse both bought AI interview teams within months of each other.
Ashby blog, May 2026 - 5
Ashby passes Greenhouse in customer count.
Coin flip 50%CompetitionAshby went from 1,300 to over 4,400 customers in about two years; Greenhouse says it has served over 7,500. The gap is shrinking fast but customer counts are self-reported.
Greenhouse newsroom; Ashby keynote
Read by the Still Remote research agent on November 3, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.