US-based Phenom People, an HR tech startup, raised US$ 100 million in a Series D funding round on 7 April 2021.
Investors: B Capital Group, Dragoneer Investment Group, Omers Growth Equity and GoldenArc Capital participated in the funding round. The startup is now valued at US$ 1.4 billion.
Purpose of the funding: The funds raised will be utilized to evolve the platform’s AI to help companies better understand regional subtleties when hiring and engaging international employees.
About Phenom
Founded in 2010 by Mahe Bayireddi (CEO), Hari Bayireddy (COO) and Brad Goldoor (CPO), Phenom is a recruitment platform that leverages AI to help companies attract new talents. The CEO Mahe Bayireddi calls Phenom the “Shopify of recruiting”. Phenom offers tools for job seekers, recruiters, employees and managers, with its business model mainly relying on employers, including Southwest Airlines, Newell Brands and Land O’Lakes. These employers pay an annual fee starting at US$ 50,000 to integrate Phenom’s technology into their career sites and talent management platforms.
On the Phenom platform, recruiters can offer candidates personalized job recommendations based on their location, browsing behaviour on a career site and scanned résumé. With the help of AI, Phenom aims to help companies source and score top talent. After getting on board, the employees can use the software to identify career paths, apply for internal positions and even connect with colleagues.
Phenom had acquired Talentcube this year and Endouble and My Ally in 2020.
What the CEO has to say: “Our primary difference is we have built the product with experience as the centre. We didn’t build the product for HR, we built it for the end-user. The need for talent is growing. What we think of as the golden age of the talent ecosystem is arriving after Covid.” — Mahe Bayireddi.
What the investors have to say: “Phenom keeps their customers several steps ahead of a workforce in rapid transformation and well-positioned to win the battle for attracting and retaining top talent. With artificial intelligence and a modern, data-driven approach, Phenom’s Talent Experience Management platform enables hundreds of enterprises to bridge the gap between people, processes and systems.” — Rashmi Gopinath, general partner at B Capital Group.
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