London-based Beamery, a talent acquisition, engagement, and retention platform, announced on Tuesday that it has raised $50M (approximately €47.4M) in a Series D round of funding.
With this round, the company has joined the “unicorn” club at a valuation of over $1B (approximately €948.1M). This is a 25 per cent valuation increase over their prior round in a difficult investment market.
Co-founder of Beamery, Abakar Saidov, says, “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 organisations ready to withstand any market turbulence.”
Investor supporting Beamery
The round was led by Teachers’ Ventures Growth (TVG), part of the C$242B Ontario Teachers’ Pension Plan, adding to its Series C investment in June 2021. TVG focuses on late-stage venture and growth equity investments in companies that use technology to shape a better future.
Avid Larizadeh Duggan, Senior Managing Director at TVG, says, “Abakar and his team have recognised 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 organisation to effectively recruit, reskill, redeploy and motivate talent.”
A talent lifecycle management platform
Founded in 2014 by Abakar Saidov, Michael Paterson and Sultan Murad Saidov, Beamery is an AI-powered talent platform that helps organisations at every point of the talent lifecycle, from hiring to upskilling, by giving them the knowledge they need to make the best decisions about their employees.
CEO Abakar Saidov says, “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 the help of Beamery, companies can manage change quickly, hold on to key skill sets, promote DE&I (Diversity, equity, and inclusion), and develop the workforce of the future.
Recent growth and development
Beamery claims to have witnessed significant growth in 2022 in Fortune 500 clients, despite the hard global economy. Since the company’s Series C funding, Fortune 500 revenue has increased by almost 250 per cent. Beamery says its largest users are becoming more devoted to the product, with net retention for Fortune 500 users at 135 per cent or above.
This increased adoption is largely due to Beamery’s rapid innovation, which included the introduction of a “first of its kind” Universal Skills Platform to help businesses understand the current and potential skills of their workforce and significant ethical-AI improvements to help talent teams lessen bias and find the best internal or external candidate for the job.
Global brands like BBC and Uber have been added to the company’s list of enterprise clients, and it has assisted businesses in making significant progress on key talent initiatives. As a result, employee tenure has increased by 2.5 times, the number of diverse candidates that businesses can hire and retain has increased by over 20 per cent, and the cost of hiring and retaining employees has decreased by 50 per cent.
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