- SmartRecruiters announced it has raised $50 million in Series D funding led by repeat investor Insight Partners
- And long-time investors Mayfield Fund and Rembrandt Venture Partners also joined this round.
SmartRecruiters, a leading next-generation recruiting platform, announced it raised $50 million in Series D funding led by repeat investor Insight Partners. Long-time investors Mayfield Fund and Rembrandt Venture Partners also joined this round.
This round of funding follows a year of strong performance including 100% year-over-year enterprise growth and the launch of the first native AI product ever offered within a talent acquisition product suite called SmartAssistant.
SmartRecruiters is going to invest the funding into accelerating its product roadmap including deepening the abilities of SmartAssistant through AI and machine learning. Plus the company is expanding geographically in Europe and Asia Pacific to including hiring 100 people. And the company is broadening 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 SmartRecruiters CEO and founder Jerome Ternynck. “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 offers customers like Visa, LinkedIn, Twitter, Bosch, McDonald’s Canada, and other companies with the opportunity to scale their hiring efforts — optimizing for quality, speed, and cost efficiencies — while customizing the candidate experience for individual brands.
“SmartRecruiters is poised to become the dominant SaaS talent acquisition platform,” added Insight Partners managing director Matt Gatto. “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. The company has an exceptionally bright future, and Insight is thrilled to deepen its partnership with SmartRecruiters.”
As the largest recruiting marketplace ecosystem, SmartRecruiters now has more than 550 pre-integrated third-party solutions like background check, communication, analytics, and candidate assessment apps. And there are more than 1,000 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,” explained 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.”
According to a recent customer value survey of over 2,000 current customers, respondents reported an average reduction of 41% in cost per hire and a 48% increase in roles filled on time. Plus there was a 50% increase in quality of hire implementing SmartRecruiters. Additional findings revealed a 48% boost in recruiter productivity and a 118% increase in candidate experience.
“Recruiting best-in-class talent matters if you care about maintaining a competitive advantage and delivering great products,” commented Avery Dennison’s Director of Global Talent Tracey Allison. “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.”
SmartRecruiters has a goal of helping all companies find and hire their ideal candidates and enabling candidates to find their dream jobs. That is the core to the SmartRecruiters-developed Talent Acquisition Suite — which is used by a number of high-performance organizations.