News: SmartRecruiters has raised $50 Mn in funding led by Insight Partners

#FundingAndInvestment

SmartRecruiters has raised $50 Mn in funding led by Insight Partners

The round of funding also saw the participation from Rembrandt Venture Partners and Mayfield Fund.
SmartRecruiters has raised $50 Mn in funding led by Insight Partners

Founded in 2010, SmartRecruiters aims to help companies find, select, and hire new talent, with a software-as-a-service (SaaS) platform spanning the entire recruitment process. Based out of San Francisco it has worked with companies including Twitter, LinkedIn, Ikea, Visa, and Bosch.

SmartRecruiters CEO and founder Jerome Ternynck believes that 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. 

Now taking its vision to help recruiters and companies with their recruitment ahead, SmartRecruiters has raised $50 Mn in a series D round of funding led by Insight Partners, with participation from Rembrandt Venture Partners and Mayfield Fund.

The company plans to use the funds to accelerate its product roadmap, including deepening the abilities of SmartAssistant through AI and machine learning; geographic expansion in Europe and Asia Pacific, hiring 100 people; and broadening the components of its Hiring Success methodology, specifically process optimization, strategy and customer workshops.

Matt Gatto, Managing Director, Insight Partners thinks, “SmartRecruiters is poised to become the dominant SaaS talent acquisition platform.”

He added that SmartRectuiters has developed a strong product suite that continues to push the envelope in terms of innovation and has built a customer base of top global brands and enterprises that will help them move ahead in their journey. 

Besides a SaaS platform, an AI assistant, SmartRecruiters also has more than 550 pre-integrated third-party solutions - such as background check, communication, analytics, and candidate assessment apps - and more than 1,000 job boards to seamlessly promote and manage job openings.

While the recruitment solutions provided by SmartRecruiters look promising and they are backed up by investors like Insight Partners and Mayfield Fund, the startup competes with many players in the space. The funding in recruitment startups is over $863 Mn and continues to grow as different solutions make their way in the market almost every year. SmartRecruiters stands in competition with other players like ZipRecruiter, BambooHR, Hired, Snag, Jobs2Careers, Simply Hired, Jobalign, and Glassdoor. 

With the presence of such tough competition SmartRecruiters has to keep its solution unique and try to be ahead of the curve in terms of innovation. The market is full of opportunities, but to reap the benefits of such opportunities SmartRecruiters would have to constantly assess the market, understand the challenges of the recruiters and businesses and continuously invest on innovating their current solution to make them most relevant. 

Topics: #FundingAndInvestment, Recruitment, Technology

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