San Francisco-based recruiting software company Gem announced this week that it has raised US$100 million in a Series C funding round led by ICONIQ Growth and with participation from returning investors Greylock Partners and Accel, as well as newcomers Sapphire Ventures and Meritech Capital. Gem's valuation is currently at US$1.2 billion.

Gem CEO and co-founder Steve Bartel wrote in the announcement that the funding will be used to drive Gem's expansion into new markets, particularly targeting the Fortune 500 segment. The company also plans to increase its international expansion and will invest more in local points of contact in high-growth regions, such as Western Europe.

The funding will also go into product development, specifically the development of customisable dashboards for talent reporting and insights, the addition of more communications channels. new marketing tools, collaboration tools, and improved integration with social networks and applicant tracking systems.

According to ICONIQ Growth General Partner Matt Jacobson, ICONIQ had chosen to invest in Gem after receiving good feedback from other companies using its product. “We have had our eye on Gem for a long time because the product has helped so many of our business partners hire the people that fuel their growth,” he said.