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SmartRecruiters becomes the latest HR tech unicorn

This comes after closing a $110m Series E.

Allie Nawrat

Credit: Twenty20.

The round was led by Silver Lake Waterman. Unleash Your Potential

HR tech, and particularly recruitment, is hot right now.

The latest company in the space to join the unicorn club is San Franscisco-based enterprise recruitment-focused SmartRecruiters.

After closing a $110 million Series E, the company is now worth $1.5 billion, which five times its value after its Series D.

The round, which brings SmartRecruiters’ total funding to $205 million, was led by Silver Lake Waterman. Existing investors, including the Mayfield Fund and Insight Partners, also participated.

The funding comes on the back of a productive year for SmartRecruiters, including a 70% growth in bookings, an expansion of its product offerings and helping 11 million people get hired. The company currently helps the likes of McDonald’s, Biogen, Visa and Ubisoft with their recruitment.

The company plans to use the funding to continue to grow its portfolio, particularly its talent intelligence products, like AI, chatbots and predictive analytics, in order to drive my automation in the recruitment process.

It will also continue to work in the US, EMEA and APAC, particularly in terms of customer service and support.

SmartRecruiters CEO and founder Jerome Ternynck noted: “The pandemic has changed how people connect with jobs at scale. Today’s enterprises are experiencing unprecedented competition for talent, historically high turnover rates and a huge spike in hiring costs — not to mention managing the shift to a distributed workforce.

“This [round], to me, is the realization of the vision we had when we first launched SmartRecruiters – to give every company the tools they need to attract and hire the highest quality candidates as efficiently and effectively as possible, and to give every candidate a job they love.

Silver Lake Waterman manging director and group head Shawn O’Neill added:

“Hiring talent and building human capital is more complex and important than ever, and SmartRecruiters is well positioned to help companies attract and land top talent.

“Their scale and customer growth are testament to their strong leadership and industry leading platform.

“We are excited to help fuel SmartRecruiters’ next growth chapter.”

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