London-basedBeameryhas closed a $5 million Series A for its candidate relationship software. The round is led by Index Ventures, with participation from existing investors Edenred Capital Partners, GP Ventures and LocalGlobe.
Its a fast follow from the startups $2 million seed, raisedin June last year. Beamery says thenew funding will be used to double its headcount and open a new sales and marketing-focused office in the Bay Area,while keeping its core product dev and engineering teamin London.
In a blog about the funding, Indexs Jan Hammer argues Beamerys approach to recruitmentgives companies a strategic advantage in hiringby enabling them to identify and develop relationships with potential future recruitsbefore they even have a specific vacancy to offer.
When you shift to this approach and become highly strategic in developing relationships with top candidates, you outsmart and outpace competitors, saysHammer, citing Beamerys claim that its usershave seen the cost of hiring fall by 39 percent and time-to-hire drop by 31 percent since using its software.
The startup, which was founded back in 2014, has around50 customersusing its software at this point, including the likes of Facebook, Dropbox, VMware and Criteo. Active users number around 1,000, according toCEO Abakar Saidov.
In short think of it like Salesforce + Marketo for recruitment. We are an API-first CRM platform that lets companies track the entire candidate lifecycle from Lead > Application > Hire.This changes how companies recruit on a strategic level. We use AI and automation to scale this process, is Saidovs elevator pitch for the platform.
Beameryssoftware essentially offers a richer environment for tracking and connecting with potential job candidates versusa manual organizational tool such asa spreadsheet, while also plugging in the ability for users to search candidate profiles using granular filters; make approaches to potential hiresvia email marketing and/or event invites; and view analytics of candidate responsiveness so they can judge which potential hires might be mostreceptive to an approach.
Theunderlying premiseis to turn recruitmentinto more of anactive and ongoing brand marketing/outreach exercise,versuscompanies onlysearching for candidates at the point of direct need, and limiting their talent pool to only those who actively apply.
Nothing is built to be a system of record for passive candidates for roles that dont exist yet, argues Saidov. Therefore you are missing the bulk of the market. The more progressive companies that are recognizing that you need to go after and Acquire the talent you want have to use spreadsheets to store this data.
Rather than having job-centric ATS systems, this is people-centric CRM system. That means businesses can focus onleads rather than applicants.This means everyone is a potential candidate, a relationship that needs to be tracked and nurtured before, during and after the applications process.
Saidov says the platform is not geared toward specific sectors or job roles but is rather aimed at every business that is trying to be strategic about recruitment though the first wave of customers has, unsurprisingly, come from the early adopter tech sector, along with some more traditional brands, such as House of Fraser, Shop Direct and Continental Tires.
We help tech firms map their future hiring needs and retail firms re-engage past talent that didnt get hired, he adds. Finally you are seeing the full cycle of talent management, rather than just the applicant process. This allows you to be strategic about where talent is going to come from.
On the competitors frontSaidov name-checksAvature,a more dated talent CRM, and Smashfly,which he says isfocused on job board distribution, as the main rivals, along with some(unnamed) content management systems.