Gem Raises $37 Million Series B Led by Greylock in Response to Demand for Modern Recruiting

Gem also launches Diversity Analytics to help companies build diverse teams through better visibility into the hiring pipeline 

Gem, a software platform for modern recruiting, announced it has raised a $37 million Series B investment led by Greylock with participation from existing investor Accel, to double down on product innovation. This brings the total capital raised by Gem to $48 million. Gem is also launching Diversity Analytics, a new feature aimed at helping companies build diverse teams by giving them unparalleled visibility into the hiring funnel.

Up to 80% of recruiting happens prior to a candidate applying for a role, meaning that recruiters and hiring managers are spending the majority of their time finding, nurturing and gaining the confidence of prospective candidates. Despite this effort, there’s been no way for teams to track and manage all their work before Gem’s all-in-one recruiting platform.

“With Gem, our customers can build relationships with talent, ultimately filling open roles faster. The strong word-of-mouth growth among recruiters helped contribute to 4X revenue growth in 2019, and our best quarter yet in 2020,” said Steve Bartel, Co-Founder and CEO of Gem. “With this latest investment, we’re thrilled to continue expanding Gem’s product to help our customers meet their hiring goals, including through our newest feature, Diversity Analytics.”

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Gem’s platform integrates with LinkedIn, email, and customers’ Applicant Tracking Systems (ATS). Its Chrome extension allows recruiters to source, get visibility into the entire history of a prospect’s interactions with team members, personalize messages, and schedule automated follow-ups—all without ever leaving a LinkedIn profile. Its Outreach Stats allows sourcers to identify data-driven insights to perfect their messaging strategies.

Gem’s CRM gives talent acquisition leaders data about their teams’ performance, allowing them to better plan for, and achieve, their hiring objectives. With Pipeline Analytics, teams can measure things like time-to-hire for a particular role in a specific geography, or understand how many candidates they need in every stage of the funnel in order to meet their hiring goals.

Launching today, Diversity Analytics is Gem’s latest feature aimed at helping companies build diverse teams. Diversity Analytics offers unparalleled visibility into the hiring funnel, automatically tracking gender, race and ethnicity throughout all interview stages. This enables companies to debug any potential bias in the hiring process.

“Since our sourcers started using Gem in 2018, our response rate has drastically increased. And because visibility and collaboration are baked into the product, our recruiting workflow saw no disruption as we went remote this year,” said Mike Moriarty, Global Head of Talent Acquisition for Dropbox. “We’re excited by Gem’s continued product innovation, and look forward to using their new diversity feature to help us meet our goals.”

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Over 300 companies use Gem, including Slack, DoorDash, Coinbase, Peloton, and Pure Storage. With Gem, customers source 5x faster, double their response rates, and double their conversions to initial phone screen. Customers have seen such strong results that they continue to invest more in Gem every year: the company’s net revenue retention rate is 120%.

“Gem’s quick onboarding, seamless automation, integration with other recruiting tools and end-to-end analytics have driven remarkable adoption and given rise to a vibrant community of users,” said David Wadhwani, Partner at Greylock and Gem Board Member. “This is a testament to Steve’s and Nick’s leadership and the quality of the team they’ve assembled. I couldn’t be more impressed by their pace of innovation and their ability to experiment, and I’m thrilled to partner with them as they enter the next phase of their growth.”

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