Phenom Receives $100 Million Investment, Looks Toward Recovery

Phenom announced a $100 million Series D round, which the company will use to further develop its Talent Experience Management platform. The round was led B Capital Group with participation from Dragoneer Investment Group, OMERS Growth Equity and GoldenArc Capital.

In a blog post, CEO Mahe Bayireddi said the investment would position the company to grow its international presence and expand its platform to help enterprises prepare for “the post-pandemic talent economy.” In a separate statement, he said the company is “scaling with conviction” as employers respond to “a seismic shift in how they approach and manage talent.”

Phenom’s platform uses AI to automate a number of administrative tasks and personalize the user experience for pretty much all participants in talent acquisition including recruiters, candidates, employees and hiring managers. The platform was used by 25,000 recruiters, talent marketers and hiring managers in 2020 to hire more than 2 million candidates and engage over 3 million employees.

Phenom Innovating, Growing, Personalizing

Bayireddi said Phenom will continue to serve enterprises by innovating and expanding its platform, growing its global team and paying close attention to customer support.

“Every industry is different, every customer is different. Localizing and personalizing their experiences will be critical to the long-term success of their talent goals and overall business objectives,” Bayireddi wrote. “By accounting for the nuances unique to every end user, we are building the kind of customer loyalty and enthusiasm earned by the companies that truly offer the best of the best to every single customer.”

For some time, Phenom has been aggressively growing its product capabilities, business and organization. In February, the company acquired Talentcube, a German video technology company that expanded its use of video. At the time, Phenom said adding Talentcube would extend its ability “to provide seamless video functionality at every stage of the talent journey.” In December, it acquired Endouble, an Amsterdam firm focused on the candidate experience.

Phenom’s last major funding round came in January 2020, when the company closed $30 million in Series C funding.

Sierra Ventures, AXA Venture Partners, WestBridge Capital, AllianceBernstein, Karlani Capital, Omidyar Technology Ventures and Sigma Prime Ventures have participated in previous funding rounds.

Authors

Mark Feffer

Mark Feffer is executive editor of RecruitingDaily and the HCM Technology Report. He’s written for TechTarget, HR Magazine, SHRM, Dice Insights, TLNT.com and TalentCulture, as well as Dow Jones, Bloomberg and Staffing Industry Analysts. He likes schnauzers, sailing and Kentucky-distilled beverages.