$50 Million Series D Round Lifts Beamery to Unicorn Status

Beamery closed a $50 million Series D funding round, taking the company to a valuation of over $1 billion and representing a 25% valuation uplift over its previous round.

The company’s talent platform is designed to provide employers with the intelligence necessary to make more effective decisions about their workforce, supporting customers through recruiting, to talent mobility and development, to upskilling.

The funding round was led by Teachers’ Ventures Growth, part of the C$242 billion Ontario Teachers’ Pension Plan. TVG also made a Series C investment in Beamery in June 2021. TVG focuses on late-stage venture and growth equity investments in technology companies.

“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,” said CEO Abakar Saidov. That will  help them “create truly agile organizations ready to withstand any market turbulence,” he said.

Momentum

Despite the ups and downs of the labor market – or maybe because of them — Beamery has seen a notable increase in Fortune 500 clients during 2022. Indeed, the company claims its Fortune 500 revenue has risen by more than 250% during the year while net retention of Fortune 500 rose to more than 135%.

The company has also launched a Universal Skills Platform to help employers understand the current and potential skills of their workforce, and enhancements meant to help talent teams reduce bias and identify the best internal or external candidate for any particular role.

Earlier in December, Beamery rolled out additions to its product suite that were meant to help companies personalize the candidate experience during the hiring process. The features included a new candidate portal as well as a preference center, enhanced campaign editor and AI-powered browser extension.

With the update, the company aimed to help employers create a “deep” personalization of their talent lifecycle.

Image: Beamery