Beamery Raises $138M at $800M Valuation - Recruitment OS

The Evolution of Online Recruitment and the Rise of Beamery

The advent of the internet saw online job boards emerge as one of its earliest successful applications. However, many established digital recruitment platforms have been slow to integrate newer technological advancements. This has created an opportunity for innovative companies to disrupt the industry.

Beamery Secures $138 Million in Funding

Beamery, a company defining itself as a “talent operating system,” has recently announced a substantial funding round. This system aims to streamline the entire talent lifecycle – from sourcing and hiring to retention and analysis – offering an all-in-one solution. The company intends to utilize the $138 million in funding to further develop its technology and expand its rapidly growing business, which experienced 337% revenue growth year-over-year in Q4.

Investment Details and Key Backers

The Ontario Teachers’ Pension Plan Board (Ontario Teachers’), through its Teachers’ Innovation Platform (TIP), led the Series C funding round. Strategic investors also participated, including Accenture Ventures, EQT Ventures, Index Ventures, M12 (Microsoft’s venture arm), and Workday Ventures, demonstrating confidence in Beamery’s potential.

Company Valuation and Recent Performance

According to sources familiar with the deal, Beamery’s valuation is estimated to be around $800 million. Abakar Saidov, co-founder and CEO of the London-based company, confirmed the funding but did not disclose the exact valuation.

The Impact of COVID-19 on Recruitment

A Paradigm Shift in Hiring Practices

The COVID-19 pandemic dramatically altered traditional working practices in early 2020. Recruitment was particularly affected, with the entire process – from application to onboarding – shifting to remote formats. Many new hires experienced no in-person interaction with recruiters, managers, or colleagues.

Navigating Economic Uncertainty

Alongside these changes, HR departments faced significant challenges, including hiring freezes, furloughs, layoffs, and budget cuts. Despite these constraints, the need to maintain operational efficiency remained paramount.

Beamery's Response to the New Normal

These conditions created a favorable environment for platforms like Beamery. Its cloud-based, software-as-a-service model was designed to handle the entire recruitment and talent management process remotely, proving its value as a modern, user-friendly alternative.

Beamery’s Core Philosophy and Capabilities

Moving Beyond Administrative Tasks

“Traditional HR is very admin-heavy, and when you add in payroll and benefits, the systems that exist are very siloed,” explained Saidov. “The innovation for us has been to move out of that construct and into something that is human, and has a human touch.”

Creating a System of Record for Talent

Beamery aims to establish a central system of record for all individuals connected to a business. This data-driven approach allows for the creation of a more consumer-like experience within the talent management process.

Significant Achievements in Role Fulfillment

Over the past year, Beamery’s customers – including AstraZeneca, Autodesk, Nasdaq, major tech companies, and Workday – have filled 1 million roles through the platform. This includes both external hires and internal promotions.

Growth and Investment

The company’s recent success is a significant leap from its previous $28 million funding round in 2018, demonstrating substantial growth and enabling further investment in new services.

Beamery’s Comprehensive Suite of Services

Candidate Sourcing and Management

Beamery offers tools for candidate sourcing, including the creation of company job boards and integration with platforms like LinkedIn. It also facilitates the management of online recruitment events.

Targeted Recruitment and Analytics

The platform provides programmatic advertising capabilities, similar to ZipRecruiter, to populate job boards and conduct targeted executive searches. Furthermore, Beamery offers analytics tools to track recruitment, retention, and other key metrics.

Internal Mobility and Employee Engagement

Beamery also supports internal recruitment processes and allows HR teams to conduct surveys to assess employee sentiment and identify areas for improvement.

Future Expansion and Potential Integrations

Exploring New Avenues for Growth

The question now is how Beamery will expand its offerings. Several emerging startups in the talent IT space could serve as potential complements or provide a roadmap for future development.

Potential Areas of Focus

These areas include enhanced internal job boards (like Gloat), deeper organizational charting (like ChartHop), and comprehensive contractor management solutions (like Turing, Remote, Deel, Papaya Global, Lattice, and Factorial).

Contractor Management and Workflow Consolidation

Beamery currently supports the inclusion of contractors, but lacks dedicated management tools for them. Saidov emphasized the importance of workflow consolidation, suggesting that Beamery will prioritize areas that offer the greatest value in centralizing data.

Expanding Capabilities: Assessments and Communication

Saidov also hinted at potential additions such as skills assessment tools and improved communication features, including video conferencing and AI-powered coaching for recruiters.

Potential for a Small Business Offering

The company may also consider developing a version of its platform tailored to the needs of smaller businesses.

Investor Confidence and Future Outlook

A Strong Portfolio of Investments

Investors are optimistic about Beamery’s prospects, as evidenced by the participation of TIP, whose other investments include ComplyAdvantage, Epic Games, Graphcore, KRY, and SpaceX.

TIP’s Perspective on Beamery’s Potential

“Leading companies worldwide are prioritising recruitment and retention. They are turning to Beamery for a best-in-class talent solution that can be seamlessly integrated with their business,” stated Maggie Fanari, MD for TIP in Emea. “Beamery’s best-in-class approach is already recognized by top-tier companies. I’m excited by the company’s vision of to use technology to support long-term talent growth and build better businesses. Beamery is the first company to bring predictive marketing and data science into recruitment. They are a truly innovative company, building a vision that can shape the future of work — the company fits all the criteria we look for in a TIP investment and more.”