Talent tech startup Beamery has become Europe’s latest SaaS unicorn as it takes in new funding and reaches the coveted milestone of over €1 billion in valuation. The London-based company is on a mission to empower companies to better oversee, understand and manage the skills they have in their workforce – creating better outcomes for teams and leaders alike.
As the year rolls to an end, there is plenty to reflect upon in Europe’s wider startup ecosystem. It’s been an interesting year with startups and entrepreneurs once again having to prove their resilience and ability to think fast, as wider geopolitical and socio-economic challenges come into play. In this context, businesses are also having to think about how to attract, retain and manage their workforce in a rapidly-changing world.
European tech startups have been providing innovative solutions for HR teams that have become essential parts of business for some time now – and it’s continuing to be a growth area. Now, the space has welcomed another unicorn to the club as Beamery closes new funding.
- Over €47 million ($50 million) was raised in a Series D funding round
- This brings the company’s valuation to over €1 billion, up 25% since its previous round.
- The funding round was led by Teachers’ Ventures Growth (TVG)
More effective talent decisions
Since 2014, Beamery has been aiming to help companies unlock the skills and potential of their workforce. Offering an AI-based Talent Lifecycle Management Platform, Beamery lets users better understand the skills and capabilities they have, build more agile workforce plans, and attract, retain, up-skill and redeploy their workforce. It essentially gives companies the intelligence they need to make the right decisions about their workforce and supports businesses through each stage of the talent lifecycle.
In 2022, amidst a challenging global climate, Beamery has seen a huge increase in Fortune 500 clients – since the company’s Series C round, Fortune 500 revenue has risen by over 250%. Beamery’s largest customers are increasing their commitment to the solution, with net retention for Fortune 500 customers at 135%+.
Helping achieve this impressive track record is the London-based firm’s commitment to constant innovation. For example, the launch of its ‘Universal Skills Platform’ which helps companies understand the current and potential skills of its workforce, and extensive ethical-AI enhancements to help talent teams reduce bias and identify the right internal or external candidate for the right role.
The company has added global brands like BBC, Uber, General Motors and Johnson & Johnson to its client list, and has successfully helped companies make critical progress on key talent initiatives – seeing increases to employee tenure of 2.5x, over 20% more diverse candidates that companies are able to hire and retain, and a 50% reduction in hiring and retention cost.
Abakar Saidov, CEO of Beamery: “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. 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. With this new funding, we will continue to develop ground-breaking ways for companies to better understand their workforce today and be able to plan for tomorrow, so they can create truly agile organizations ready to withstand any market turbulence.”
The reality is that, in today’s context, low productivity, ongoing skills shortages and plunging consumer confidence are having negative impacts on businesses and the global economy is in a position of uncertainty. As a result, more agile talent approaches that allow companies to hire, develop and redeploy skills across their business, to where they are needed most, are more essential than ever for organizations that want to not only weather the storm but emerge stronger – and this is what Beamery seeks to provide.