[Funding alert] HR tech firm Phenom People raises $30M in Series C round led by WestBridge Capital
Phenom People said it will use the funds for the company’s growth and to scale
Friday January 17, 2020,
2 min Read
Phenom People, a US-based company in the Talent Experience Management (TXM) industry, has raised $30 million in Series C funding, bringing the total funding raised to $61 million.
The latest round was led by WestBridge Capital, and saw participation from New York-based AllianceBernstein Private Credit Investors’ Growth Stage Capital. Existing investors AXA Venture Partners, Sierra Ventures, Omidyar Technology Ventures, Sigma Prime Ventures, and Karlani Capital also participated in the round.
To support the global demand for AI-driven talent experiences, Phenom People said it will use the funds for the company’s growth and to scale.
“Global organisations are shifting their spend from legacy singular HR tools to data-driven, intelligent talent experience platforms,” said Mahe Bayireddi, CEO and Co-founder, Phenom People.
He said that CHROs can make an investment in a modern approach connecting every interaction across the talent lifecycle for candidates, recruiters, employees, and management.
“Phenom People’s talent experience technology is unrivalled in today’s marketplace,” said Sumir Chadha, Founder and Managing Director, WestBridge Capital. He added that their solution is transforming and progressing HR in ways that point solutions and acquired technologies do not. This matches the market direction towards experience management for talent.
Human Resources is a marketplace worth over $400 billion, with $32 billion spent on technology solutions. With over 45 million people changing jobs per year in the US alone, the elaborate process of job searching, sourcing, interviewing, and onboarding is time-consuming and costly.
Founded in 2010, Phenom People said it has grown to 500 employees with over 300 customers across all industries, and ranks 120 on the Deloitte Technology Fast 500. The Philadelphia-based company currently has offices in Canada, India, Israel, the UK, and the Netherlands.
The Phenom Talent Experience Management platform eliminates the need for multiple HR tools, and connects the four key stakeholder experiences in the talent lifecycle and reduces time-to-hire and cost-per-hire, while improving talent quality and productivity, the company said.
The company also hosts Phenom People, one of the largest talent experience conference, IAMPHENOM for CHROs, talent leaders, and HR practitioners.
(Edited by Megha Reddy)