March 10, 2021 – Investors are pouring money into recruiting solutions businesses, especially those with an AI component. SeekOut, the AI-powered talent 360 platform, has received $65 million in series B funding led by Tiger Global Management, with participation from existing investors Madrona Venture Group and Mayfield. This capital raise brings SeekOut’s total funding to $73 million. This funding round values SeekOut at close to half a billion dollars.
SeekOut’s growth and expansion has been driven by the critical role it plays in empowering talent acquisition teams to recruit hard-to-find and diverse talent. SeekOut has consistently received high scores and strong reviews in analyst and customer assessments. “Talent acquisition professionals and hiring managers are looking to go beyond the outdated resume when they do a candidate search,” said says Lisa Rowan, VP of HR, talent, and learning research for IDC. “They are seeking a deeper and broader view of skills, experiences, and diversity. SeekOut’s talent 360 solution offers a compelling set of capabilities that is supporting hiring organizations with a fresh, modern approach to candidate search.”
“Companies must continuously optimize their recruiting processes and strategies to compete in today’s hyper-competitive market,” said Anoop Gupta, co-founder and CEO of SeekOut. “SeekOut provides talent acquisition professionals with a comprehensive 360-degree view of candidates based on numerous data sources and inferred properties. Our intuitive and powerful AI talent search engine with deep talent analytics and engagement capabilities empowers recruiting and sourcing experts to hire the best fit candidates fast. Our customers and partners are our inspiration, through the insights, challenges, and opportunities they provide us every day.”
Use of New Funding
With this series B funding, SeekOut will continue to build its team and expand its talent 360 platform to encompass internal and external talent – helping companies better retain employees, enable development & growth through internal mobility, and improve diversity and inclusion efforts. SeekOut will also invest in sales, marketing, and customer success to reach new customers.
“Right now, the realization of bringing together diverse global top talent is critical to the success of every software company and the competition for diverse talent is fiercer than ever,” said Mario Linares, head of talent acquisition at Aviatrix. From day one, SeekOut’s innovative AI-powered search, global power filters, diversity filters, and talent pool insights have been critical components of Aviatrix’s global growth plan. SeekOut enables Aviatrix to efficiently and intelligently recruit and hire a world-class diverse team, helping us maintain our focus on hiring quality over quantity.”
“People are the most important asset for any company. SeekOut’s talent 360 platform fundamentally transforms how companies get a deeper 360-degree understanding of talent to achieve success in this era of digital transformation,” said John Curtius, partner at Tiger Global. “Just as Customer 360 is transforming the world of marketing and sales, we believe the talent 360 approach will transform the world of HR. “We are impressed by the customer love and traction SeekOut is experiencing, and we are delighted to be partnering with them on this exciting journey.”
Tiger Global Management is an investment firm that deploys capital globally. The firm’s fundamentally oriented investments focus primarily on the global internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a 10-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Harry’s, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart.
Here’s a look at some other recent funding deals secured by these companies from the Hunt Scanlon Media archives:
GoodJob, a platform that aims to use psychology and data science to match workers with jobs, recently raised $3 million to increase marketing and sales efforts in major markets across the U.S. “GoodJob’s solution is ideal for today’s market,” said Stephen D. Johnston, CEO of GoodJob. “Prior to an interview and without introducing bias, employers can quickly assess a candidate’s fit on the front end of the hiring process,” said Mr. Johnston. “This approach allows companies to spend time only on candidates who have a high probability of success, which significantly impacts hiring efficiency, especially as companies move to no-touch hiring practices.”
Turing.com, which describes itself as an automated platform that enables companies to use and manage remote software developers, has assembled $32 million Series B funding. The capitalization round was led by $3.3 billion fund WestBridge Capital. The round includes a number of high-profile investors, including Foundation Capital, which led Turing’s seed round. Altair Capital, Mindset Ventures, Frontier Ventures and Gaingels also participated in the Series B round. Driven by the massive global shift to remote work due to the COVID-19 pandemic, Turing taps into a global pool of developers to help companies hire in markets such as the San Francisco Bay Area and New York, where it has been difficult and expensive to hire and retain software engineers.
The Mom Project, a talent marketplace, closed a $25 million series B funding round, bringing total funding at the Chicago-based company to $36 million. The Mom Project aims to connect women, including mothers, with employment opportunities. Its platform has amassed more than 275,000 users and more than 2,000 companies, including brands like Apple, Nike, Gap and BP. “Together we’ve proven that hiring, retaining and supporting moms and caregivers isn’t just a nice thing to do — it’s great for business,” said Allison Robinson, founder and CEO. “We’re in a unique moment in time where companies are embracing flexible work and prioritizing inclusion, and are excited to rapidly accelerate our efforts to unlock the potential of moms in the workplace. Our latest round of funding will help expand our Enterprise product suite, build out our mom community engagement strategy and engage with more small business customers.”
Mya Systems, a conversational AI platform for hiring teams, announced that it has secured $18.75 million in Series C funding. The funding was led by Notion Capital with participation from earlier investors, Emergence Capital and Foundation Capital as well as Cisco Investments and Workday Ventures. Over the past year, Mya Systems gained tremendous momentum, seeing three times customer subscription growth in 2019 alone. Mya now supports over 460 brands, six of the eight largest recruiting firm, and 29 of the Fortune 100. Customers include industry leaders such as Hays, Adecco, L’Oreal, Deloitte and Anheuser Busch.