SmartRecruiters just raised another $50 million, bringing its total raised to over $100 million, raising the stakes and the pressure to execute for the ATS vendor that got its start in the SMB and now focuses on larger enterprise customers.
SmartRecruiters, an enterprise-focused recruitment platform designed to help companies find, select, and hire new talent, has raised $50 million in a series D round of funding led by Insight Partners, with participation from Rembrandt Venture Partners and Mayfield Capital.Founded in 2010, SmartRecruiters is a software-as-a-service (SaaS) platform spanning the entire recruitment process, from marketing a new position to tracking applications and making the final offer. The San Francisco-based startup claims some big-name clients, including Twitter, LinkedIn, Ikea, Visa, and Bosch.“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,” said SmartRecruiters CEO and founder Jerome Ternynck. How it looksThe core platform includes tools for distributing job posts across myriad online job boards, creating career and job pages specific to each position and monitoring candidates’ performance until an offer has been accepted. The platform supports collaboration between all the decision-makers involved in the hiring process, who can discuss and share feedback until they reach a consensus. The core SmartRecruiter platform starts at around $10,000 per year and includes most of the things many enterprises need. However, add-on services are available at an extra cost — including SmartCRM, which brings additional tools, such as pre-application targeting and talent “nurturing.”SmartAssistant, which launched last March, is an AI-powered offering that automates some of the processes involved in screening and identifying the best candidates. After processing internal company data and data from external job marketplaces, it allocates a “match score” that rates each candidate’s suitability for the role.Above: SmartRecruiters’ Smart AssistantSmartAssistant is basically designed to expedite the labor-intensive screening process by shining a light on the best candidates — some of whom may actually be current company employees. With a workforce crisis looming, venture capitalists (VCs) have been investing heavily in recruitment-focused startups — and AI is playing an increasingly pivotal role in helping companies find the right people.By way of example, New York-based Fetcher recently raised a seed round of funding from a host of big-name investors to automate headhunting for recruiters. Elsewhere, the likes of Eightfold and Pymetrics have recently raised large chunks of VC cash to bring more automation to recruitment. SmartRecruiters had previously raised $55 million — including its $30 million series D three years ago. With another $50 million in the bank, the company plans to double down on its investments across AI and machine learning, as well as expanding operations in Europe and Asia.“With this funding in place, we see an accelerated product development trajectory, allowing us to build on our record of delivering what we call hiring success: better hires, better hiring velocity, better candidate quality, and enhanced candidate experience for enterprise customers,” Ternynck added.