CIBC Innovation Banking provides funding to British unicorn Beamery

CIBC Innovation Banking has provided a significant corporate debt financing package to Beamery, a leading AI-powered platform for talent management. Beamery will use the funding to support its growth plans as it moves towards profitability.

Beamery’s talent lifecycle management platform offers an end-to-end solution that encompasses sourcing new talent, increasing retention rates, and developing employee skills. Beamery takes a skills-based approach to the hiring process that aims to streamline the recruitment process by moving away from CV-based hiring.

Founded in 2013 with the mission to create equal access to employment opportunities, Beamery now has over 250 employees and offices in London and the United States. It works with many of the global Fortune 500. In 2022, it reached a unicorn valuation of more than $1bn following a Series D funding round, which was led by Teachers’ Venture Growth, part of Ontario Teachers’ Pension Plan.

Abakar Saidovat, CEO of Beamery said: “At the heart of Beamery are two core ideas: that everyone should have equal access to work, and that hiring processes need to be fundamentally reworked to reflect this. In today’s climate, with countries around the world experiencing tight labour markets, these principles have never been more important. This financing from CIBC Innovation Banking will ensure we can continue to alleviate one of the main pressures facing our customers while also addressing the growing demand for a solution like ours.”

Sean Duffy, Managing Director at CIBC Innovation Banking said: “Beamery has a compelling combination of cutting-edge technology and a solution that solves a widespread and increasingly pressing problem, and this is reflected in their impressive growth. With its track record and a talented team of its own, we are delighted to support Beamery as it helps solve the world’s talent challenge.”

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from startup to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.

About Beamery

Beamery’s AI-native talent platform helps companies quickly identify and close skills gaps while attracting, nurturing, and engaging their future workforce. It enables many Fortune 500 companies and the world’s largest employers to make better workforce decisions by taking a skills-based approach to the entire talent lifecycle – finding and hiring candidates faster, improving organisational efficiency and productivity, and increasing key talent retention. For more information, visit https://beamery.com/.