May 13, 2021
Funding Round Led by PeakSpan Capital Brings $28.2M Raised to Date
LAGUNA NIGUEL, Calif.–(BUSINESS WIRE)–Fuel50, creator of the world’s leading talent marketplace platform, today announced it has raised $15.5M (USD) in Series B funding, led by PeakSpan Capital and Shearwater Capital. With deep AI personalization and a commitment to diversity and inclusion, Fuel50 mobilizes talent through an AI-powered opportunity marketplace that delivers internal talent agility and workforce reskilling.
With the new funds in place, Fuel50 will be increasing its presence across the US, EMEA, and Australasia, while accelerating product innovation to include deep analytics and talent intelligence. To date, Fuel50 has raised approximately $28.2 million.
“Over the last several years, leading business innovators have recognized that to keep and develop top talent you need to provide them with excellent career paths and opportunities within the four walls of your organization or they will find another employer who will. COVID accelerated recognition of this dynamic but it’s one of the more powerful trends in the human capital management sector today. Fuel50 has developed a best-in-class platform to help midmarket and large enterprises engage with their employees to offer rich talent development and internal mobility solutions,” said Phil Dur, Co-Founder and Managing Partner at PeakSpan Capital. “With Fuel50, you have a team that’s inspired to have an impact and help customers build a wonderfully agile and empowered workforce. It’s a privilege to partner with them.”
“Fuel50 has developed a best-in-class platform to help midmarket and large enterprises engage with their employees to offer rich talent development and internal mobility solutions”Phil Dur, Co-Founder and Managing Partner at PeakSpan Capital.
“At Shearwater Capital, we back founders and markets; with Fuel50 we have found both. They have a great combination of two outstanding founders, who have built an impressive team around them, in a market that is set for sustained growth,” said Zac Zavos, Managing Partner at Shearwater Capital. “Fuel50 has shown its ability to continue building comprehensive solutions to significant problems, which affect all types of organizations. In the process, they’ve become the leader in enabling high fidelity career pathways and are defining this category on a global scale.”
Since 2020, Fuel50 has seen 70% year-over-year growth in recurring revenue and grew its customer base by 23%. Companies using Fuel50 to increase their talent retention and recruitment saw an immediate impact upon deployment with increases up to 65% in lateral movement, 35% in internal recruitment, and a reduction of 60% in employee churn.
“We have entered a new talent economy and with our world leading talent marketplace are transforming the cost of talent in organizations around the globe. Fuel50 is accelerating plans to deliver executive-level talent intelligence dashboards to help business leaders hone in key talent, understand their strengths and weaknesses, as well as future-proof their workforce at the touch of a button,” said Anne Fulton, Co-Founder, and CEO of Fuel50. “Today’s announcement puts us on a path to continue this focus and shift from a management-led to a marketplace-led talent model, which delivers strong ROI to the organizations we engage with.”
On April 13 and 14, Fuel50 will host the FuelX Talent Mobility Conference, which will inform talent mobility and workforce reskilling strategies for the decade ahead. The event, featuring speakers from Fuel50 clients such as NetApp, Fidelity, KeyBank, and more, celebrates HR leaders implementing best-in-class talent experiences and growth journeys for their employees.
Fuel50 is an award-winning talent marketplace platform that delivers career path transparency, mobilizes talent, and evolves an organization’s workforce for the future. Featuring AI-driven talent and skills forecasting from the world’s fastest-growing talent experience platform, Fuel50 is the future of work.
About PeakSpan Capital:
Based in New York City and Silicon Valley, PeakSpan Capital is a growth equity firm with a singular mission to be the partner of choice for growth-stage entrepreneurial teams building amazing business software companies. PeakSpan combines deep domain expertise within a select number of themes with an active partner approach to help entrepreneurs drive excellent risk-adjusted growth and value creation. To learn more about PeakSpan Capital and its portfolio, please visit peakspancapital.com.