A Breakout Year for Gem: Accelerated Growth, New Products and Our Acquisition
Today we’re excited to share our first set of updates since we announced our $37 million Series B funding a year ago. During the last year, we’ve doubled our customer base and nearly tripled annual recurring revenue as we saw exciting adoption from the fastest-growing companies. And the last quarter has been especially exciting as we’ve more than quadrupled our bookings. This year, half of the top ten biggest IPOs in the U.S. rely on Gem for growing their teams and hiring diverse talent, including Affirm, Coinbase, Compass, and Roblox. Existing customers are seeing the value in Gem too, as our 4.9 (out of 5) rating on reviews platform G2 is the highest in the industry.
We’re also introducing a key new feature, Executive Dashboards, so businesses can analyze and share insights around company hiring efforts with any relevant stakeholder - whether it's the hiring manager or the CEO. With hiring a top priority among almost every fast-growing business, this allows leadership to better understand and weigh in on strategic decisions that can improve outcomes.
As company leadership prioritizes diversity and inclusion efforts in important new ways and makes public pledges to deliver results, we’re proud to be building the first product that provides them with real-time visibility into progress for one of the most critical areas: recruiting.
Diversity Analytics offers unparalleled visibility into the hiring funnel. You can’t improve what you don’t measure, and Gem is now the only solution that allows businesses to precisely understand the gender and race/ethnicity breakdown of the prospective candidates. Companies not only can view a breakdown of their proactive candidate pool, but can also identify where underrepresented candidates tend to fall off in the process so they can determine processes that may need to be adjusted. In this way, teams are well-equipped to make meaningful progress across highly visible diversity initiatives.
As we further build on this momentum, we’re acquiring Resource, a company that shares our mission to develop an all-in-one platform for sourcing and recruiting. We are excited to welcome their amazing customers to our platform. Resource has an impressive company and team, ever since launching through the incubator 500 Startups in 2016, and we’re thrilled that this update will allow us to serve more businesses.
We created Gem to be the first and only platform built for how companies recruit today, where most candidates come in through active outreach rather than by applying for the role. We’ve been amazed to watch as Gem empowers teams to recruit 5x faster while doubling response rates from potential candidates, yet this is still only the beginning for us. Stay tuned as we aim to not only make recruiting more efficient, but transform how companies grow, so that building the team never gets in the way of innovation.