SmartRecruiters Secures $50 Million in Funding

June 4, 2019 – Talent acquisition platform SmartRecruiters has raised a $50 million series D round, led by repeat investor Insight Partners and joined by long-time investors Mayfield and Rembrandt Venture Partners.

The round follows a year marked by strong performance, including 100 percent year-over-year enterprise growth and the launch of SmartAssistant, a native AI product ever offered within a talent acquisition product suite, said SmartRecruiters.

The platform intends to invest the funds into accelerating its product roadmap, including deepening the abilities of SmartAssistant through AI and machine learning, geographic expansion in Europe and Asia Pacific. They will also look to hire 100 people and broaden the components of SmartRecruiters’ Hiring Success methodology, specifically process optimization, strategy and customer workshops.

“Fortune 500 companies don’t have the luxury of letting critical positions go unfilled – they need to maintain their competitive advantage through effective sourcing of quality talent,” said Jerome Ternynck, founder and CEO of SmartRecruiters. “With this funding in place, we see an accelerated product development trajectory, allowing us to build on our record of delivering what we call hiring success: better hires, better hiring velocity, better candidate quality and enhanced candidate experience for enterprise customers.”

SmartRecruiters is poised to become the dominant SaaS talent acquisition platform, said Matt Gatto, managing director at Insight Partners. “They’ve developed a strong product suite that continues to push the envelope in terms of innovation and have built a customer base of top global brands and enterprises,” he said. “The company has an exceptionally bright future, and Insight is thrilled to deepen its partnership with SmartRecruiters.”

A SaaS company, SmartRecruiters offers customers, including Visa, LinkedIn, Twitter, Bosch, McDonald’s Canada and others, the opportunity to scale their hiring efforts – optimizing for quality, speed, and cost efficiency – while customizing the candidate experience for their individual brands. The largest recruiting marketplace ecosystem, SmartRecruiters has more than 550 pre-integrated third-party solutions – such as background check, communication, analytics, and candidate assessment apps – and more than 1K job boards to quickly promote and manage openings.

“We partnered with SmartRecruiters for our recent hiring event with Snapchat in Canada, part of our efforts to transform our hiring processes around the needs and expectations of today’s candidates,” said Stephanie Hardman, chief people officer at McDonald’s Canada. “The one-day ‘Snapplication’ event surpassed our hiring target and produced applicants who had an excellent candidate experience.”

“Recruiting best-in-class talent matters if you care about maintaining a competitive advantage and delivering great products,” said Tracey Allison, director of global talent at Avery Dennison. “With SmartRecruiters, we’ve seen an acceleration in our ability to find and hire the right people for us into the right roles for them.”

Investment Funding

Investors are pouring money into recruiting solutions businesses, especially those with an AI component. Here’s a look at some recent funding deals secured by these companies from the Hunt Scanlon Media archives:

humanpredictions, a machine learning technology company, has received a $1.16 million funding round led by Network Ventures with additional investment from Hyde Park Angels, SaaS Ventures and M25. The new capital is targeted to help humanpredictions further grow and invest in its team of engineers and data scientists.

Hireology, a Chicago-based recruitment management platform, closed $27 million in series D financing led by Blue Cloud Ventures, with full participation from current investors Bain Capital Ventures and Baird Venture Partners, as well as Silicon Valley Bank. The funds will be used to accelerate the company’s growth in new market verticals and to create features that further differentiate its product offering. 

Tel Aviv-based HR tech platform Hibob has secured $20 million in funding from existing investors Bessemer Venture Partners, Battery Ventures, Eight Roads, Arbor Ventures and Presidio Ventures. Supporting the company’s mission to transform HR to reflect the changing nature of the workplace and workforce, the expanded investments will drive the next phase of Hibob’s growth…

Jobcase, a self-described open access platform for job seekers and employers, has secured $100 million in a growth equity round led by Providence Strategic Growth. This brings the Boston start-up’s total funds raised to $118.9 million. The new funding will accelerate product development and services for Jobcasers (Jobcase members) via internal growth and/or strategic acquisitions.

San Francisco-headquartered human cloud platform Jyve secured $35 million in funding led by SignalFire and joined by Crosscut Ventures and Ridge Ventures. Jyve’s platform, which it calls “Skills-as-a-Service,” uses machine learning to source and identify certified, skilled talent. Jyve’s focus is on providing companies with flexible labor. 

CareerArc, a global leader in HR technology, raised a $30 million growth equity round led by PeakEquity Partners. This investment and the support of the team at PeakEquity Partners should allow us to accelerate our growth, expand product offerings and strengthen our market position,” said Robin Richards, co-founder and CEO of CareerArc.

France-based Talentsoft, a cloud-based human resource software solutions provider for talent management learning, has raised $50 million in a financing round which it says will boost continued growth via innovation and international market expansion. Talentsoft is focused on optimizing the employee experience while taking into account the cultural, linguistic and regulatory specificities of HR management in Europe. 

pymetrics, an enterprise SaaS company that uses neuroscience and AI to make the recruitment process more effective, has closed a $40 million Series B funding round. pymetrics utilizes neuroscience and AI to assess job applicants across a range of cognitive, social and emotional traits and algorithmically recommend the best-suited candidates to companies. 

Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Andrew W. Mitchell, Managing Editor – Hunt Scanlon Media

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