US-based enterprise recruitment software provider SmartRecruiters announced this week that it has closed a Series E funding round worth US$110 million. The round was led by Silver Lake Waterman with the participation of existing investors, including Insight Partners and Mayfield Fund. This brings the firm’s total amount raised to US$205 million with a valuation of US$1.5 billion.
SmartRecruiters was founded in 2010 by CEO Jerome Ternynck and has offices in the US, UK, Germany, France, and Poland. According to the announcement, the company plans to use the capital to accelerate its product development, and expand its business across the US, EMEA, and APAC regions, including increasing customer and partner support. Ternynck has said that one of the priorities will specifically be to work on the sophistication of SmartRecruiters's existing AI, including automation and conversational interfaces.
"The pandemic has changed how people connect with jobs at scale," Ternynck said. "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. We're committed to helping our customers navigate this new world of work through a combination of high touch, high tech."
"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", said Shawn O'Neill, Managing Director and Group Head, Silver Lake Waterman. "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."