Funding Round Reflects Demand for SaaS Innovations that Solve Enterprise Talent Acquisition Needs
San Francisco, Calif., May 29th, 2019 – SmartRecruiters, the leading next-generation recruiting platform, today announced it has raised a $50M 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, the first native AI product ever offered within a talent acquisition product suite.
SmartRecruiters will 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, to include hiring 100 people; and 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 Jerome Ternynck, CEO and Founder 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, 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. The company has an exceptionally bright future, and Insight is thrilled to deepen its partnership with SmartRecruiters.”
“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.”
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.
In a recent survey of more than 2,000 current customers, respondents reported an average reduction of 41 percent in cost per hire, a 48 percent increase in roles filled on time, and a 50 percent increase in quality of hire since implementing SmartRecruiters. Further survey findings revealed a 48 percent boost in recruiter productivity and a 118 percent increase in candidate experience.
