HireVue’s $25 million Sequoia funding jumpstarts 42% job growth, global expansion
With $25 million in new funding, HireVue Chief Executive Officer Mark Newman plans to expand the human resource software company internationally and snap up talent.
Over the next six to 12 months, Hirevue will add about 60 employees to its 140. In the past year, the company doubled its headcount.
Last week the company announced fundraising from Sequoia Capital, Kickstart Seed Fund and other investors. The funds will go towards global expansion, building out their product platform and additional employees, Newman said in a phone interview.
While the money is a vote of confidence, “nobody has been working as hard as they have been working so they can raise more money,” Newman said. “They have been working so they can build a great company.”
The funding gives the “market perception of increased stability,” Newman said. “In enterprise software that is important. People need to make sure they are aligned with a brand that is enduring.”
HireVue clients include 20 of the Fortune 100 and 70 of the Fortune 500, Newman said.
Hirevue closed the funding round about six weeks ago and waited to time the announcement with Talent Interaction Platform. Hirevue had multiple term sheets from prospective investors with similar valuations, Newman said. It was the philosophical alignment with Sequoia that helped Hirevue choose their investment.
“For Hirevue we’ve never gone for the just the higher valuation,” he said. “We made sure it was the right alignment.”
Sequoia took about 90 percent of the financing round.
The company is focused on building out horizontally across talent management. The main offering allows companies to screen job applicants online using video interviews. The whole process aims to help companies move away from just screening by resume filter and by getting to know the candidate.
“You aren’t making decision on the correct data; you’re making it on who these people are,” he said.
“That’s the only way you’re going to do it. Whether its Harvard MBAs or hourly workers, its on us to say `We want to get to know you and what you’re about.’”
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