- SmartRecruiters, a recruiting software startup, announced Tuesday it raised $50 million in Series D funding at a valuation well above $300 million, according to founder and CEO Jerome Ternynck.
- Existing investor Insight Ventures led the round, and returning investors Mayfield Capital and Rembrandt Venture Partners also participated.
- Ternynck shared the pitch deck he used to close the round with Business Insider. He said that later stage investors were looking for tangible data and case studies during the pitch process.
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On Wednesday, online recruiting software provider SmartRecruiters announced it raised $50 million at a valuation well above $300 million, in a funding round led by Insight Ventures. Returning investors Mayfield Capital and Rembrandt Venture Partners also participated.
The company first started exploring raising a Series D funding round in February and invited potential investors to attend its annual customer conference to hear the informal case studies and testimonials firsthand, SmartRecruiters founder and CEO Jerome Ternynck told Business Insider. By March Ternynck said he was fielding term sheets from a dozen different investors. In the end, he chose Insight, which also led the company’s $30 million Series C in 2016.
"When you get Series D, it really is about the addressable market and the scalability of your solution," Ternynck told Business Insider. "The problem we are solving is kind of the most important thing businesses do because who you hire defines everything in the company. The problem is complex in nature and important, and our solution is empowered by tech. Investors like to see that at our stage."
Late stage investing is more data-driven, Ternynck said, and so he developed a pitch deck that relied heavily on customer statistics and tangible metrics that illustrated the value add proposition he was pitching.
"I think what resonates with [investors] is seeing us being methodical about how we go after that problem," Ternynck said. "They want to see that you are methodical and now have designed a recipe to acquire customers and renew them at scale. All the customer stats were important, so we shared the tangible outcomes so that investors can see where and how we add value."
Here’s the pitch deck SmartRecruiters used to raise its Series D round of financing:
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