You are using an older browser version. Please use a supported version for the best MSN experience.

Eightfold Recruiting Software Startup Reaches $1 Billion Value

Bloomberg logoBloomberg 10/27/2020 Katie Roof
Commuters walk through the World Trade Center station during morning rush hour in New York, U.S., on Monday, June 22, 2020. No city is more important to America’s economic recovery than New York. The economic output of the New York metro area, estimated at $1.8 trillion, rivals that of entire nations. © Bloomberg Commuters walk through the World Trade Center station during morning rush hour in New York, U.S., on Monday, June 22, 2020. No city is more important to America’s economic recovery than New York. The economic output of the New York metro area, estimated at $1.8 trillion, rivals that of entire nations.

(Bloomberg) -- Recruiting software startup Eightfold AI said it was valued at $1 billion in a $125 million financing round led by General Catalyst.

Existing investors Capital One Ventures, Lightspeed Venture Partners, IVP and Foundation Capital also participated in the round, according to Eightfold. The company has now raised $180 million, dating back to 2016.

Eightfold’s software helps companies with all aspects of talent management, from recruiting to employee retention. Its corporate clients include Bayer AG, Capital One Financial Corp. and Micron Technology Inc.

General Catalyst invested partly because Eightfold has seen its business grow during the coronavirus pandemic, said Quentin Clark, managing director at the venture firm.

“It is very telling that at this time, their customer base is exploding,” Clark said. He expects the startup could go public someday, he added.

Eightfold’s platform is designed to help clients diversify their workforce by reducing unconscious bias in the hiring process.

“All of us saw what happened with social unrest over the last few months,” said Eightfold Chief Executive Officer Ashutosh Garg. “We can’t just keep talking about it, we have to solve diversity.”

Overall, it has been a challenging year for recruiting, Garg said. While some industries such as tourism have struggled, others including gaming and health care have done well, he said.

Asked whether an IPO is a long-term goal for the Mountain View, California-based company, Garg replied, “Of course.”

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

AdChoices
AdChoices
AdChoices
image beaconimage beaconimage beacon