July 19, 2016 – Talent acquisition platform SmartRecruiters has raised $30 million in series C financing, led by New York-based venture capital and private equity firm Insight Venture Partners.
The company plans to leverage the additional capital to sustain its rapid growth, accelerate its global market presence, and continue to invest in its product footprint to serve the needs of the more than 5,000 enterprise companies that are using underperforming recruiting ‘add-ons’ from HRIS suite providers.
This investment follows SmartRecruiters’ dramatic customer and business growth over the last two years as it has emerged as a top enterprise talent acquisition platform for global large enterprises. SmartRecruiters’ enterprise talent acquisition platform delivers both the user experience that today’s candidates and hiring managers demand and the level of customization, flexibility and scale that enterprises have come to rely on.
Atlassian, Ancestry, Marc Jacobs, Skechers, Equinox and IBM are among the tech, retail, hospitality and entertainment leaders using the SmartRecruiters talent acquisition platform.
“SmartRecruiters is the clear leading candidate to disrupt the $3 billion applicant tracking system market,” said Jeff Lieberman, managing director of Insight Venture Partners. “We share their vision that recruiting is now a C-level imperative and cannot be simply delegated to HR nor relegated to simplistic add-ons of HRIS suites. We are thrilled to partner with the SmartRecruiters team – especially given their amazing product, proven enterprise-winning track record, and absolute readiness for scale.”
“We have seen enormous demand from companies that put people first and realize that to win in today’s economy, you must out hire your competition,” said Jerome Ternynck, CEO and founder of SmartRecruiters. “To do that, they understand they need a modern, dedicated talent acquisition platform that actually works – one that hiring managers embrace, one that engages and delights candidates, and one that scales to meet the complex needs of very large organizations. I could not be more excited to partner with IVP, the premier software growth investor, to finally help make recruiting far easier for global enterprises.”
Rajeev Batra, a partner at Mayfield, which also participated in the funding scheme, said: “This round of financing is a strong validation of our partnership with Jerome Ternynck and his vision for SmartRecruiters in transforming the recruiting market. SmartRecruiters is poised to be the leading talent acquisition platform. They create immense value by enabling global enterprises to acquire talent strategically and efficiently.”
“Over the last decade, we have seen a transformation in the way high-performing companies attract and acquire talent,” said Josh Bersin, principal and founder at Bersin by Deloitte. “Recruiting is now a strategic business function that includes marketing, recruitment, assessment, analytics, and integrated process management, involving managers, recruiters and sourcers. Legacy applicant tracking systems were not developed to support these needs and are being replaced by a new generation of collaborative talent acquisition platforms. Vendors like SmartRecruiters are part of this new wave of solution providers.”
SmartRecruiters also just recently announced the launch of an expanded leadership team in Europe to capture the demand from European-based corporations for a modern enterprise applicant tracking system. According to IDG, the European recruitment software category is expected to reach $900 million by 2019.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media