SAN FRANCISCO – SmartRecruiters announced it has raised $30 million in Series C financing, led by New York-based venture capital and private equity firm Insight Venture Partners (IVP).
“SmartRecruiters is the clear leading candidate to disrupt the $3 billion applicant tracking system market,” said Jeff Lieberman, Managing Director, Insight Venture Partners. “We share their vision that recruiting is now a C-level imperative and cannot be simply delegated to HR nor relegated to simplistic add-ons of HRIS suites. We are thrilled to partner with the SmartRecruiters team – especially given their amazing product, proven enterprise-winning track record, and absolute readiness for scale.”
This investment follows SmartRecruiters’ dramatic customer and business growth over the last two years as it has emerged as the de facto enterprise talent acquisition platform for global large enterprises. Unlike other newer recruiting vendors or legacy applicant tracking system (ATS) providers, only SmartRecruiters’ enterprise talent acquisition platform delivers both the user experience that today’s candidates and hiring managers demand and the level of customization, flexibility and scale that enterprises demand.
“We have seen enormous demand from companies that put people first and realize that to win in today’s economy, you must outhire your competition,” said Jerome Ternynck, CEO and Founder, SmartRecruiters. “To do that, they understand they need a modern, dedicated talent acquisition platform that actually works – one that hiring managers embrace, one that engages and delights candidates, and one that scales to meet the complex needs of very large organizations. I could not be more excited to partner with IVP, the premier software growth investor, to finally help make recruiting far easier for global enterprises.”
The company plans to leverage the additional capital to sustain its rapid growth, accelerate its global market presence, and continue to invest in its product footprint to serve the needs of the greater than 5,000 enterprise companies globally that are trapped using legacy enterprise ATS or underperforming recruiting “add-ons” from monolithic HRIS suite providers.
“The Skechers partnership with SmartRecruiters has been critical in order to support our rapid growth and continued expansion both domestically and internationally,” said Adan Villalobos, Director of Talent Acquisition at Skechers. “Their platform is not only innovative and user-friendly, but, most importantly, it’s a tool that both store managers and recruiters love. The excellent customer service and partnerships SmartRecruiters provides to their clients are individualized to fit our needs and company objectives at all times. I would say that SmartRecruiters has been our most strategic talent acquisition partnership.”
Josh Bersin, Principal and Founder at Bersin by Deloitte, commented, “Over the last decade, we have seen a transformation in the way high-performing companies attract and acquire talent. Recruiting is now a strategic business function that includes marketing, recruitment, assessment, analytics, and integrated process management, involving managers, recruiters and sourcers. Legacy applicant tracking systems were not developed to support these needs and are being replaced by a new generation of collaborative talent acquisition platforms. Vendors like SmartRecruiters are part of this new wave of solution providers.”
Rajeev Batra, Partner at Mayfield, which also participated in the round, commented, “This round of financing is a strong validation of our partnership with Jerome Ternynck and his vision for SmartRecruiters in transforming the recruiting market. SmartRecruiters is poised to be the leading talent acquisition platform. They create immense value by enabling global enterprises to acquire talent strategically and efficiently. “