- Gem — a software platform for modern recruiting — announced that it raised a $37 million Series B investment led by Greylock
Gem — a software platform for modern recruiting — announced that it raised a $37 million Series B investment led by Greylock with participation from existing investor Accel in order to double down on product innovation. Including this round of funding, Gem has raised a total of $48 million.
Gem also announced that it is launching Diversity Analytics, a new feature aimed at helping companies build diverse teams by giving them unparalleled visibility into the hiring funnel.
Generally, up to 80% of recruiting happens prior to a candidate applying for a role meaning that recruiters and hiring managers are spending the majority of their time finding, nurturing, and gaining the confidence of prospective candidates. And despite the effort, there’s been no way for teams to track and manage all their work before Gem’s all-in-one recruiting platform.
Gem’s platform integrates with LinkedIn, email, and customers’ Applicant Tracking Systems (ATS). And its Chrome extension allows recruiters to source, gain visibility into the entire history of a prospect’s interactions with team members, personalize messages, and schedule automated follow-ups — all without ever leaving a LinkedIn profile. Plus its Outreach Stats allows sourcers to identify data-driven insights to perfect their messaging strategies.
Gem’s CRM gives talent acquisition leaders data about their teams’ performance, allowing them to better plan for, and achieve, their hiring objectives. And with Pipeline Analytics, teams can measure things like time-to-hire for a particular role in a specific geography, or understand how many candidates they need in every stage of the funnel in order to meet their hiring goals.
Diversity Analytics is Gem’s latest feature aimed at helping companies build diverse teams. Diversity Analytics offers visibility into the hiring funnel, automatically tracking gender, race, and ethnicity throughout all interview stages. And this enables companies to debug any potential bias in the hiring process.
More than 300 companies use Gem, including Slack, DoorDash, Coinbase, Peloton, and Pure Storage. And with Gem, customers source 5x faster, double their response rates, and double their conversions to initial phone screen. Plus customers have seen such strong results that they continue to invest more in Gem every year: the company’s net revenue retention rate is 120%.
KEY QUOTES:
“With Gem, our customers can build relationships with talent, ultimately filling open roles faster. The strong word-of-mouth growth among recruiters helped contribute to 4X revenue growth in 2019, and our best quarter yet in 2020. With this latest investment, we’re thrilled to continue expanding Gem’s product to help our customers meet their hiring goals, including through our newest feature, Diversity Analytics.”
— Steve Bartel, Co-Founder and CEO of Gem
“Since our sourcers started using Gem in 2018, our response rate has drastically increased. And because visibility and collaboration are baked into the product, our recruiting workflow saw no disruption as we went remote this year. We’re excited by Gem’s continued product innovation, and look forward to using their new diversity feature to help us meet our goals.”
— Mike Moriarty, Global Head of Talent Acquisition for Dropbox
“Gem’s quick onboarding, seamless automation, integration with other recruiting tools and end-to-end analytics have driven remarkable adoption and given rise to a vibrant community of users. This is a testament to Steve’s and Nick’s leadership and the quality of the team they’ve assembled. I couldn’t be more impressed by their pace of innovation and their ability to experiment, and I’m thrilled to partner with them as they enter the next phase of their growth.”
— David Wadhwani, Partner at Greylock and Gem Board Member
