Venture Capital

Fountain Flows With Additional $100 Million

SAN FRANCISCOFountain, an applicant tracking system (ATS) for high volume hiring, announced an extension of its November 2021 Series C round by $100 million, bringing the total to $185 million. The extension was led by B Capital Group, joined by SoftBank, Mirae Asset Venture Investment, DCM, Origin Ventures, Commerce Ventures, SemperVirens Venture Capital, Uncork Capital and others.

Fountain says sales have increased 10x since its Series B investment in September of 2019, with business tripling year-over-year from 2020 to 2021—and is on pace to almost triple again this year—and employee headcount growing by more than 300%. The new investment follows the Series C fundraising and continued momentum into 2022.

Today hundreds of companies worldwide, including sweetgreen, Stitch Fix, Flink and Just Eat Takeaway, are using Fountain’s sourcing and hiring solutions to open opportunities for the global hourly workforce. To date, Fountain has processed over 68 million applications and helped to hire more than 9.2 million workers in more than 75 countries worldwide.

“This extension of our Series C is a testament to the incredible growth Fountain has seen over the past year and will help us to continue to exceed the demands of the world’s leading brands for high volume hiring,” says Sean Behr, CEO of Fountain. “Bearing witness to Fountain’s proven value and growth potential, investors continue to be eager to support the company through an extension intended to supercharge its growth and fuel international expansion.”

“Fountain has built an incredibly powerful set of tools to help organizations tackle the increasingly complex and ever-changing challenges faced in hiring hourly workers,” says Sami Ahmad, General Partner at B Capital Group. “We are thrilled to back the Fountain team as they continue to broaden the platform, expand their presence globally and strengthen their lead in the market that helps organizations find, hire and retain hourly workers at scale.”

Today, the Fountain team comprises more than 230 people working across the globe, including the US, UK, Spain, India and New Zealand. The company intends to use the funds to further accelerate growth by rapidly expanding internationally to additional European and Asian countries, as well as offering the platform in multiple languages. Fountain also plans to widen its platform’s capabilities to offer more unique insights and analytics, and empower hiring managers everywhere to make data-informed decisions around their recruiting and hiring efforts.

“Hiring is a global challenge not only for businesses, but for applicants as well, and Fountain is determined to address it from both angles,” says Behr. “Finding a job should be easy for anyone, and with this additional funding, Fountain can continue to positively impact the global workforce from end-to-end.”