London-based talent acquisition, engagement, and retention platform Beamery has raised $50 million in a Series D funding round, aiding in part to a valuation that now welcomes the startup to an increasingly rare, and perhaps return to the venerable status it’s meant to have, the unicorn club.
While the Atomico State of European Tech report noted that 45 unicorns were stripped of their horns during the year, Beamery’s funding round and a valuation north of $1 billion, a figure up 25% since their previous funding round, and should serve as a positive reminder that the state of European tech affairs isn’t all doom and gloom. If anything, let’s keep our fingers and toes crossed that this end-of-year gift is the start of a new trend. Perhaps not the en masse that the red herring of 2021 gave birth to, but that of a stream of news of positivity.
Beamery’s new $50 million is a notably lower figure from a 2021 Series C raise that saw $138 million flow into the coffers, but in a sign of continued support, the round was led by existing investor Teachers’ Ventures Growth (TVG), part of the $242 billion Ontario Teachers’ Pension Plan.
Now granted, during times of layoffs, down rounds, and economic downturns, there will most certainly be industries that see a spike in demand, clearly, a factor driving the birth of a new unicorn, as Beamery offers up a talent lifecycle management platform, one that encompasses sourcing new talent, helping it thrive, and keeping groomed employees happy in the stables.
According to the company, they’ve seen quite an increase in the number of Fortune 500 clients amongst its client base, including the BBC and Uber, noting that the big players have accounted for a revenue rise of over 250% since the company’s Series C round that was announced in June of 2021. However, this patronage doesn’t arrive on a whim, as Beamery reports that through the implementation of their services these clients note a 135% net increase in retention numbers. In other words, the proof is in the pudding.
“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,” commented Beamery CEO Abakar Saidov. “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, up-skill and redeploy their workforce successfully.”