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.
