Unquote

OTPP's Innovation Platform leads $138m round for Beamery

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UK-based recruitment software platform Beamery has raised a $138m funding round led by Ontario Teachers' Pension Plan Board (OTPP) via its Teachers' Innovation Platform (TIP).

Accenture Ventures also participated, alongside existing investors EQT Ventures, Index Ventures, M12 (the venture arm of Microsoft) and Workday Ventures.

Beamery intends to put the fresh funding towards its continued growth, including product development, expansion in new and existing geographies, and the doubling of its workforce.

The company said in a statement that it had recorded annual revenue growth of 337% by Q4 2020.

The aggregate value of growth and venture deals in the UK has surpassed £10bn across 233 deals to date in 2021, according to Unquote Data – already exceeding 2019's total of £9.8bn across 598 deals. In 2020, growth and VC activity held up well under the pandemic, with 566 deals with an aggregate value of £12.8bn recorded.

If venture and growth activity in the UK continues at the same pace in H2 2021, aggregate deal value this year is set to break the £12.8bn record set in 2020. The aggregate value for 2021 to date has been bolstered by the £1bn round for online used car marketplace Constellation Automotive Group led by Neuberger Berman in May 2021, but the year has already seen 15 rounds of more than £200m, according to Unquote Data.

Previous funding
Edenred Capital Partners led a $2m seed round for Beamery in June 2016.

In April 2017, Index Ventures led a £4m funding round for the company, joined by Edenred, GP Ventures and LocalGlobe.

EQT Ventures and M12 led a $28m series-B funding round for Beamery in June 2018. Existing investors Index, Edenred and Angelpad Fund also participated.

In February 2019, Workday Ventures joined Beamery's shareholder base via a growth investment.

Company
Founded in 2014 and headquartered in London, Beamery is an enterprise software platform for talent recruitment. Its Talent Operating System uses data to assist companies with the identification and prioritisation of potential job candidates. Its clients include AstraZeneca, Nasdaq and Autodesk.

According to its latest financial statements, the company posted revenues of £7m in the 13 months to 31 January 2020, alongside gross profit of £4.9m and a loss of £5.2m after tax. The company generated turnover of £2.4m in 2018.

People
Ontario Teachers' Pension Plan Board – Olivia Steedman (senior managing director, Teachers' Innovation Platform).
Beamery – Abakar Saidov (co-founder, CEO).
Workday Ventures – Leighanne Levensaler (senior vice-president).

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