As the Great Resignation continues, many companies are struggling to hire and retain employees. For big companies that receive a high volume of applicants per position, the task of sorting through and tracking potential employees is that much harder. To help meet this demand, applicant tracking company Fountain announced Wednesday it raised a $100 million extension to its $85 million Series C round from November. The additional funding was led by B Capital Group and the previous funding was led by SoftBank.
“This extension of our Series C is a testament to the incredible growth Fountain has seen over the past year and will help us to continue to exceed the demands of the world’s leading brands for high-volume hiring,” Fountain CEO Sean Behr said in a statement. “Bearing witness to Fountain’s proven value and growth potential, investors continue to be eager to support the company through an extension intended to supercharge its growth and fuel international expansion.”
Fountain is an applicant tracking platform focused on facilitating high-volume hiring, meaning it works primarily with companies that receive more than 1,000 applications per position. Fountain makes it easier for companies to manage that many applicants and move them more quickly through the application process from finding candidates to onboarding new hires.
The new funding comes after a year of record growth. According to a company statement, Fountain saw business triple year over year between 2020 and 2021, and it’s on track to do the same this year. Fountain also experienced a 300 percent increase in employees and hopes to use its new funds to continue that growth. Currently, Fountain is hiring for 34 open positions across departments.
“Hiring is a global challenge not only for businesses, but for applicants as well, and Fountain is determined to address it from both angles,” Behr said. “Finding a job should be easy for anyone, and with this additional funding, Fountain can continue to positively impact the global workforce from end-to-end.”
