WestBridge leads $30m funding in HR tech startup Phenom People

Photo: Bloomberg

Homegrown private equity firm WestBridge Capital has led a $30-million Series C funding round in US-based human resources technology company Phenom People Inc.

The financing also saw participation from AllianceBernstein Private Credit Investors’ Growth Stage Capital Group. Existing investors, including AXA Venture Partners, Sierra Ventures, Omidyar Technology Ventures, Sigma Prime Ventures and Karlani Capital, also contributed to the round.

The latest round brings Phenom’s total funding to $61 million.

Phenom People will use the investments for continued growth and scale, which will, in turn, help it support the global demand for AI-driven talent experience, it said in a statement on Thursday.

“Their solution is transforming and progressing HR in ways that point solutions and acquired technologies do not. This matches the market direction towards experience management for talent,” Sumir Chadha, founder and managing director at WestBridge Capital said.

Philadelphia-headquartered Phenom People has offices in Canada, India, Israel, the UK and the Netherlands. It claims to have grown to 500 employees with over 300 customers across all industries. The company estimates that human resources is a market worth over $400 billion, with $32 billion spent on technology solutions.

Meanwhile, WestBridge has ~3$ billion in assets under management. The firm has clinched a couple of deals in the recent past.

In September last year, it led a $122-million funding equity funding round in Aptus Value Housing Finance India Ltd. A month prior, it co-led a $42-million Series C funding round in Vedantu, a Bangalore-based startup that operates a live online tutoring service in India. The same month, it led a $55.5 million financing round in bike taxi startup Rapido.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.