Job Openings Push U.K. Startup Beamery to $800 Million Value
(Bloomberg) -- London-based startup Beamery has raised $138 million to expand its hiring-management software business at a time when job openings are soaring to records in the post-lockdown labor market.
The latest funding round valued the company at about $800 million, people familiar with the matter said, asking not to be identified because the figure isn’t public. A spokesperson for Beamery declined to comment on the valuation.
Founded in 2013, Beamery works with large companies such as Amazon.com Inc. and Walt Disney Co. to manage employee recruitment and retention, with a platform that includes hiring databases as well as event and relationship management tools. It plans to use the funding for hiring, product development and geographic expansion including in the Asia-Pacific region.
“It is a candidates’ market,” said Beamery’s Chief Executive Officer Abakar Saidov. “Companies are trying to be competitive with hiring in new markets, around new skills and new ways of working. They need to run all of those strategic programs all at once.”
Ontario Teachers’ Pension Plan Board led the round, which also included Accenture Ventures and existing backers EQT Ventures, Index Ventures, Microsoft Corp.’s M12 and Workday Ventures, the company said in a statement on Thursday.
As pandemic lockdowns fade and economies reopen, many companies are struggling to recruit staff. In the U.S., job openings in April rose to a record high 9.3 million, the highest since at least 2000. Employees are also in high demand in the U.K. where businesses delivered the biggest surge in payrolls on record.
“They really fill a sweet spot for talent-forward large enterprises with complex recruiting needs,” said Olivia Steedman, senior managing director of the Teachers’ Innovation Platform.
©2021 Bloomberg L.P.