Gem plans to use the Series C funding to fuel its international expansion efforts. Here are the top-line bullets you need to know.
Gem, a recruiting platform, has raised $100M in a Series C. The round drew participation from Accel, ICONIQ Capital, Greylock Partners, Sapphire Ventures, and Meritech Capital Partners.
HOW’S THE COMPANY PERFORMING?
- California-based Gem streamlines the recruiting process by integrating with Linkedin, Gmail, Outlook, and ATS. It has helped companies hire over 5,000 candidates and source up to 4x faster.
- The company has doubled its customer base to more than 800 — including 100 unicorns, such as Cockroach Labs, Sift, Gusto, Shopify, Peloton, Twilio, Cisco Meraki, and MongoDB. It has also seen its number of monthly active users more than quadruple year-over-year in 2021.
- It has reportedly tripled its annual recurring revenue (ARR) and witnessed a 70% increase in average enterprise deal sizes.
- Gem has reportedly doubled its headcount to more than 150 full-time employees in 2021.
WHY DOES THE MARKET MATTER?
- The global recruitment software market is projected to grow at a CAGR of 7.51% and reach a value of $3.88B by 2028, according to Verified Market Research.
- The increasing demand for recruitment automation and focus on geographically diverse talent acquisition are contributing to market growth.
- With the adoption of several platforms for jobs and recruiting, like Facebook and Linkedin, the need for a systematic approach for hiring, candidate experience, talent search, advertisement, and management has also fueled market growth.