February 24, 2023
Kitchener-Waterloo based HR tech startup and talent assessment provider Plum has raised $8 million CAD in growth funding. The growth round was led by Pearson Ventures with participation from existing investors such as BDC Capital’s Women in Technology Venture Fund. The new capital will be invested into product development along with sales and marketing.
Plum uses psychometric data along with AI to offer talent assessment to subscribers, which helps them retain, grow, and hire employees. Plum allows subscribers to be matched with potential employees that fit the exact criterion that the subscriber wants. For example, Whirpool found out that there was strong correlation between high “Plum Match Scores” and retaining campus hires as full-time employees.
With this recent growth raise, Plum’s total funding amounts to $19 million CAD. This comes at a time where macroeconomic factors such as rising interest and inflation rates are contributing to tech layoffs but the unemployment rate still remains low. As Doug Haaland, Vice President for Global Talent Management for Whirlpool said, “When we use [Plum] to hire people who score higher on the assessment, you’re going to have a stronger team.” Plum aims to ensure that subscribers have a cohesive team to help navigate through the uncertainty that lies ahead.
Nish Karthikeyan