Fuel50 Gases Up With $15.5 Million Series B to Develop Employee Skills

By James White Friday, April 16, 2021

The business of building professional skills is vitally important when searching for jobs and opportunities; however, expanding your talents and skill set is also important even after landing a job at a new company. Employers want employees to grow throughout their time at the business and become more effective team members, while employees want to feel accomplished and challenged in their careers. Startup company Fuel50 closed a $15.5 million Series B to accelerate the development of its artificial intelligence (AI)-driven talent marketplace.

“…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,” 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.”

Financing for the AI startup company was led by PeakSpan Capital as well as Shearwater Capital. Previous investors in the startup business include Bonfire Ventures, Icehouse Ventures, Rincon Venture Partners, and Enterprise Angels. So far, Fuel50 has generated about $28.2 million from investors backing the AI startup company. Fuel50 plans to use the newest fundraising to expand its presence internationally and drive product growth.

Double exposure of a businesswoman walking down a hallway.

Shopping for Opportunities

Co-founded by entrepreneurs Anne Fulton and Jo Mills in 2013, the startup business uses AI technology to give employees the ability to demonstrate their talent within their company and develop their careers. Fuel50’s AI talent platform also gives employers insight into their team’s development and goals.

Employees can open up their personal dashboard through the Fuel50 platform to shine some light on their career path with the company they work for. The platform uses AI technology to determine the employee’s key motivations and goals in their career. Then, it displays possible avenues for advancement at the business based on their objectives.

Employees are connected to positions that run parallel to their own as well as roles they may be interested in pursuing in the future. Furthermore, users are shown skills that should be developed to achieve that desired position. Employers can use the data gathered by the AI platform to provide stretch goals for employees to focus on and prepare them for their future roles in the company.

“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,” Fulton said. “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.”

HR Software Market

Market research projects the global human resources software market to surpass $10 billion by 2022. Fuel50 claims that its startup company has experienced 70% year-over-year growth in recurring revenue since 2020. The business will likely find itself competing with other platforms like Lattice, which has raised over $154 million in support of its own human resources software.

About the Author

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James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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