Internet and telecommunications group SoftBank has led an $85m series C round for US-based recruitment analytics software producer Fountain through its Vision Fund 2.
B Capital Group, Mirae Asset Venture Investment, DCM Ventures, Origin Ventures, Commerce Ventures, SemperVirens Venture Capital and Uncork Capital were also among the participants in the round, which the company said increased its total funding to $119m.
Formerly known as OnboardIQ, Fountain has built a cloud-based ‘volume hire platform’ which uses automation to enable businesses to streamline the recruitment of large numbers of staff at once.
The capital will go to hiring sales and engineering staff as well as expansion in Europe, the Middle East, Asia and the Asia Pacific region.
Andrew Zloto, director at SoftBank Investment Advisers, which manages Vision Fund 2, said: “With labour acquisition being one of the top challenges companies face today, Fountain provides an all-in-one hiring platform to help enterprises streamline their hiring for high volume, hourly workers.
“We are delighted to partner with [CEO Sean Behr] and the Fountain team to support their mission of helping companies find and hire the right people quickly to meet today’s labour needs.”
DCM had previously led the company’s $23m series B round in late 2019, investing alongside recruitment firm 51job and existing backers including Origin Ventures and Uncork Capital.
SoftTechVC, Slow Ventures and Crosslink Capital had joined assorted angel investors to supply $1.65m in seed funding for Fountain in 2015, before it raised $9.1m in a 2017 series A round led by Origin Ventures and backed by SoftTech VC, Crosslink Capital and Y Combinator.
