Phenom, a US-based online recruitment platform developer backed by insurance firm Axa, received $100m yesterday in a series D round led by venture capital firm B Capital Group.
The round also featured Omers Growth Equity, an investment arm of pension fund manager Omers, in addition to Dragoneer Investment Group and GoldenArc Capital. It valued the company at $1.3bn, according to Bloomberg.
Phenom’s platform uses artificial intelligence to automate recruitment practices for recruitment agencies and the human resource divisions of businesses, and jobseeking for candidates, through a website, text messaging and assorted services and software tools.
WestBridge Capital led a $30m series C round for Phenom in January 2020 featuring Axa’s corporate venturing arm, Axa Venture Partners, as well as Sierra Ventures, Omidyar Technology Ventures, Sigma Prime Ventures, Karlani Capital and unnamed additional investors.
Axa Venture Partners had already led a $22m series B round for the company in 2018 that included Sierra Ventures, Sigma Prime Ventures and Omidyar Ventures.
Phenom had received $7.6m of series A funding from investors including Sierra Ventures and Sigma Prime Ventures across rounds in 2015 and 2016, having collected an undisclosed amount in a 2013 seed round backed by Karlani Capital, Gabriel Investments and various angel investors.
Mahe Bayireddi, Phenom’s co-founder and CEO, said: “At Phenom, we have always been a purpose-driven company, and that will never change. Since the beginning, we have rooted our platform in intelligence versus simply adding AI as a single tool or feature. This makes our AI dramatically different, and helps us cultivate a healthy talent ecosystem.
“Jobs are the foundation of thriving societies around the world. They provide livelihoods and help people reach their full potential. As organisations respond to a seismic shift in how they approach and manage talent, Phenom is scaling with conviction, so everyone has the resources to succeed in times of both volatility and stability.”