London-based talent management platform Beamery has raised $50 million in a Series D funding round and becomes a unicorn, valuing the company at over $1 billion.
The round was led by Teachers’ Ventures Growth (TVG), a part of the Ontario Teachers’ Pension Plan. With this, the HRTech company has raised a total of $228 million to date.
Beamery was founded in 2013 by Abakar Saidov and his brother Sultan Saidov, along with Mike Paterson. Its talent management platform gives companies the intelligence they need to make the right decisions about their workforce and supports them through each stage of the talent lifecycle – from recruiting, to talent mobility and development, to upskilling.
The platform uses AI to identify potential job candidate matches for open roles, and it ranks skills based on the industry a company is hiring for and a candidate’s relevant work experiences, according to the company.
Speaking about the platform, Abakar Saidov, Co-founder & CEO of Beamery, said,
For nearly a decade we have been hyper-focused on building technology that enables our clients to unlock the full potential of the global workforce. Beamery’s ethical AI-powered talent platform gives companies the intelligence they need to plan for business needs and gaps, understand the skills and capabilities they have, and attract, retain, upskill, and redeploy their workforce successfully. With this new funding, we will continue to develop groundbreaking ways for companies to better understand their workforce today and be able to plan for tomorrow, so they can create truly agile organizations ready to withstand any market turbulence.
Beamery claimed to have gained impressive traction this year, growing the size of its customer base to hundreds of enterprises and over 25,000 users. The company said its revenue from Fortune 500 clients has risen by over 250% compared to June 2021, when it closed its Series C round, with net retention growing to 135%.
Avid Larizadeh Duggan, Senior Managing Director, TVG, said,
Abakar and his team have recognized that people bring together a set of capabilities and experiences beyond what’s written on their CVs. Beamery uses cutting-edge technology to help people leaders get a deeper understanding of the existing and required skill sets in their organization to effectively recruit, reskill, redeploy and motivate talent.
Beamery has added global brands like BBC and Uber to its list of enterprise clients and has helped companies make critical progress on key talent initiatives – seeing increases to employee tenure of 2.5x, over 20% more diverse candidates that companies are able to hire and retain, and a 50% reduction in hiring and retention cost.