- Companies
- Mercor
Mercor Revenue, Valuation, Funding & Investors
Mercor is valued at $10B as of October 2025, a 20.0x multiple on its last reported $500M revenue.
Last Mercor valuation
$10B
Series C · Oct 2025
Last Mercor funding round
$350M
Series C · Oct 2025
Mercor revenue
$500M
Series C · Oct 2025
Key investors in Mercor
General Catalyst
Benchmark
Felicis
SV Angel
Menlo Ventures
Soma Capital
About Mercor
Mercor is an AI-driven talent platform matching domain experts to remote roles in AI, software engineering, data science, consulting, and legal fields. San Francisco-based, it automates sourcing, vetting via machine-scored interviews, and payments for short-term assignments. The platform features hundreds of mock interviews reviewed by experts in software, design, security, and analytics, serving tech companies scaling specialized teams.
Founded
2023
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Revenue
$500M (Oct 2025)
Valuation
$10B (Oct 2025)
Mercor Valuation
Mercor is currently valued at $10B, based on its Series C in October 2025.
The $350M round was led by Felicis, with participation from Robinhood Ventures, General Catalyst and Benchmark.
Mercor's valuation has grown 40x from $250M at its Series A in September 2024 to $10B in October 2025, across 3 priced rounds.
Mercor valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Oct 2025 | Series C | $10B | 20.0x |
| Feb 2025 | Series B | $2B | 4.4x |
| Sep 2024 | Series A | $250M | - |
Mercor Revenue
Mercor's latest recorded revenue is $500M, as of its Series C in October 2025. At a $10B valuation, that implies a 20.0x revenue multiple.
Revenue grew from $450M in February 2025 to $500M in October 2025, while the revenue multiple moved from 4.4x to 20.0x.
Mercor revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2025 | $500M | $10B | 20.0x | Series C |
| Feb 2025 | $450M | $2B | 4.4x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Mercor Funding History
Mercor has raised a total of $484M across 4 funding rounds.
Mercor's first fundraising round was a $4M seed round in September 2023. The most recent completed round was a $350M Series C in October 2025.
Mercor funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2025 | Series C | Felicis (lead); Robinhood Ventures; General Catalyst; Benchmark | $350M | $10B | Mercor, a San Francisco-based AI talent marketplace founded by Thiel Fellows Brendan Foody, Adarsh Hiremath, and Surya Midha, initially launched as an AI-powered hiring platform but pivoted to connect AI labs with over 30,000 domain experts in fields like science, medicine, law, and engineering for reinforcement learning from human feedback (RLHF) and model training. The platform charges finder’s fees and matching rates, paying contractors over $1.5 million daily at an average of $85 per hour, with zero enterprise churn and profitable operations. On October 27, 2025, Mercor closed a $350 million Series C round led by Felicis Ventures, with participation from Benchmark, General Catalyst, and Robinhood Ventures, achieving a $10 billion post-money valuation—quintupling from its $2 billion Series B in February 2025. This blockbuster raise followed reports of major AI labs like OpenAI and Google DeepMind cutting ties with Scale AI amid Meta's $14.3 billion investment for a 49% stake, creating demand for neutral alternatives like Mercor. As of September 2025, Mercor reached $500 million ARR, positioning it to hit this milestone faster than competitor Cursor, amid explosive growth fueled by the AI training arms race. The funding will expand its global talent network, enhance AI-powered expert matching systems, accelerate delivery, and develop new automation products, solidifying its role as critical infrastructure for frontier AI model training. Mercor's traction includes managing RLHF at unprecedented scale, adding software for model verification and improvement, and plans for an AI-powered recruiting marketplace, capitalizing on the intersection of labor markets and AI research to unlock human potential in the AI economy. |
| Feb 2025 | Series B | Felicis (lead); General Catalyst; Menlo Ventures; Benchmark; SignalRank; DST Global | $100M | $2B | Mercor is an AI training startup founded in 2022 that connects companies like OpenAI and Meta with domain experts to train and refine foundational AI models, operating at the intersection of labor markets and AI research. It maintains a vast talent network of over 30,000 contractors paid $1.5M daily at an average $85/hour for tasks like training models in medicine, finance, and law. The company announced a $350 million Series C funding round on November 1, 2025, led by Felicis with participation from Benchmark, General Catalyst, and Robinhood Ventures. This Series C valued Mercor at $10 billion post-money, a 5x increase from its $2 billion Series B valuation in February 2025, also led by Felicis with a $100 million raise. The investment focuses on expanding the talent network, improving matching, and accelerating delivery to capitalize on surging demand in AI model training amid an intensifying market war. Mercor has seen rapid growth, approaching $450 million in annualized run-rate revenue as of September 2025, up from $75 million annual revenue in February and $100 million ARR in March. Mercor positions itself uniquely in a consolidating AI training market, benefiting from competitors like Scale AI losing major clients after Meta's $14B investment, and targeting $500M ARR faster than peers like Cursor. CEO Brendan Foody noted the company turns down monthly offers and clarified revenue includes total customer payments before contractor payouts, a practice used by competitors Surge AI and Scale AI. The round confirms earlier reports of $10B+ offers, with no SPVs formally authorized at the time. |
| Sep 2024 | Series A | Benchmark (lead); General Catalyst; Adam D’Angelo; SV Angel; Peter Thiel; Jack Dorsey; Lawrence Summers; Michal Valko; Chris Re | $30M | $250M | Mercor is an AI hiring platform that connects top tech companies and AI labs with experts in fields like software engineering, law, chemistry, and finance by using AI to evaluate candidates beyond resumes, including video interviews and skill assessments. Founded in 2023 by Brendan Foody, Adarsh Hiremath, and Surya Midha—Thiel Fellows who dropped out of college—the company has built a candidate pool of over 300,000 and created thousands of jobs globally. The Series A round on September 19, 2024, raised $30 million at a $250 million valuation, led by Victor Lazarte and Bill Gurley at Benchmark, with participation from General Catalyst, Peter Thiel, Jack Dorsey, Adam D’Angelo, Larry Summers, Chris Re, and others. Victor Lazarte joined the board. The funding supports Mercor's growth in automating recruitment for AI-focused roles, addressing fragmented hiring processes with machine learning to match candidates efficiently. Investors highlight the platform's potential to revolutionize hiring by focusing on human ability over traditional signals. Mercor charges finder’s fees for successful placements and operates with a lean team. Post-Series A, Mercor continued rapid expansion, raising a $100 million Series B in February at a $2 billion valuation led by Felicis, with participation from General Catalyst, Peter Thiel, Jack Dorsey, and Larry Summers. Later developments included talks for a Series C targeting over $10 billion valuation on approaching $450 million annualized run-rate revenue as of September 2025. |
| Sep 2023 | Seed | General Catalyst (lead); Link Ventures; Scott Sandell; Soma Capital; Blue Moon | $4M | - | Mercor is an AI-driven recruitment platform that matches candidates with employers by analyzing skills and experiences, later pivoting to connect AI labs with domain experts for training foundational AI models. The company, founded in 2023 by college dropouts Brendan Foody, Adarsh Hiremath, and Surya Midha, initially focused on automating resume screening and has since expanded to provide specialized contractors such as scientists, doctors, and lawyers, charging hourly finder’s fees. In its seed round of $3.6 million in September 2023, General Catalyst led the investment to develop and launch the AI recruiting platform, with participation from investors including Blue Moon, Link Ventures, Scott Sandell, and Soma Capital. Subsequent rounds included a $30 million Series A in September 2024 at a $250 million valuation led by Benchmark, a $100 million Series B in February 2025 at a $2 billion valuation led by Felicis, and a $350 million Series C in late 2025 at a $10 billion valuation, also led by Felicis with participation from Benchmark, General Catalyst, and Robinhood Ventures. Mercor has grown its contractor network to over 30,000 experts earning over $85 per hour on average, paying out more than $1.5 million per day to contractors, and serves clients including OpenAI and Anthropic. The platform has added upwards of 300,000 people to its candidate pool and created thousands of jobs globally. |
Who has invested in Mercor?
18 investors have backed Mercor across its funding rounds, including General Catalyst, Benchmark, Felicis, SV Angel, Menlo Ventures and Soma Capital.
Lead investors include Felicis, Benchmark and General Catalyst.
Mercor Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Sep 2023 | ||
| 3 | Lead | Sep 2024 | ||
| 2 | Lead | Feb 2025 | ||
| 1 | Participant | Oct 2025 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Participant | Feb 2025 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Participant | Sep 2023 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Participant | Sep 2023 | ||
| 1 | Participant | Sep 2023 | ||
This data is available for Pro users. Sign up to see all 18 Mercor investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Mercor
Mercor has acquired 1 company to date.
Last acquisition by Mercor was on July 8th 2026. Mercor acquired Deeptune for undisclosed valuation.
Latest Acquisitions by Mercor
| Description | Deeptune is a platform creating training environments for AI agents. It simulates gyms with scenarios for reinforcement learning in robotics and autonomous systems. |
| HQ Country | |
| HQ City | New York City, NY |
| Deal Date | 8 Jul 2026 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Mercor acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by Mercor
Mercor has invested in 1 company to date.
Latest investment by Mercor was on June 11th 2026. Mercor invested in Copperlane in their $4M Seed round.
Latest Investments by Mercor
| Description | Copperlane builds AI agents that collect documents, verify information, and pre-underwrite loans for mortgage lenders. |
| HQ Country | |
| HQ City | San Francisco, CA |
| Deal Date | 11 Jun 2026 |
| Round | Seed |
| Raised | $4M |
| Investors | Y Combinator; Valon Technologies; TQ Ventures; US News Digital Ventures |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Mercor investments and their VC round multiples. Start Free Trial | |
Mercor Competitors
Mercor competitors include listed companies like Info Edge, BOSS Zhipin and Seek, and private ones like AngelList, Whop and Handshake.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $224M | - | $4B | 17.9x | ||
| Private | $142M | - | $1.6B | 11.3x | ||
| Publicly listed | $342M | $208M | $8.5B | 24.7x | ||
| Publicly listed | $1.2B | $493M | $6.6B | 2.6x | ||
| Private | $120M | - | $3.5B | 29.2x | ||
| Publicly listed | $914M | ($63M) | $3.1B | 4.5x |
Mercor Public Comps
Mercor is still privately-owned, but its public comps include Meesho, Pinterest, Info Edge, Allegro, BOSS Zhipin, Vend Marketplaces, Kakaku.com, RB Global, Mercari and Kuaishou.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.3B | ($143M) | 7.4x | 6.3x | (68.4x) | (83.6x) | |||
| $4.2B | $361M | 2.4x | 2.2x | 28.5x | 7.3x | |||
| $342M | $208M | 24.4x | 24.7x | 40.1x | 59.0x | |||
| $3B | $833M | 4.6x | 4.0x | 16.6x | 13.7x | |||
| $1.2B | $493M | 2.8x | 2.6x | 7.1x | 5.7x | |||
| $673M | $19M | 7.3x | 7.1x | 252.4x | 19.2x | |||
| $605M | $175M | 7.5x | 7.0x | 26.1x | 22.2x | |||
| $4.6B | $1.4B | 4.4x | 4.1x | 14.9x | 13.7x | |||
This data is available for Pro users. Sign up to see all Mercor competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Mercor
| When was Mercor founded? | Mercor was founded in 2023. |
| Where is Mercor headquartered? | Mercor is headquartered in San Francisco, CA, United States. |
| Is Mercor publicly listed? | No, Mercor is a private, VC-backed company. |
| What is Mercor's valuation? | Mercor was last valued at $10B in its Series C in October 2025. |
| How much funding has Mercor raised? | Mercor has raised $484M across 4 funding rounds. |
| What was Mercor's last funding round? | Mercor's last funding round was a $350M Series C in October 2025, led by Felicis. |
| Who are Mercor's investors? | Mercor's investors include General Catalyst, Benchmark, Felicis, Robinhood Ventures, Adam D’Angelo, Menlo Ventures, SV Angel, Link Ventures, Peter Thiel, Jack Dorsey and 8 others. |
| What is Mercor's revenue? | Mercor's latest recorded revenue is $500M (October 2025). |
| What is Mercor's revenue multiple? | Mercor's latest valuation implies a 20.0x revenue multiple ($10B valuation on $500M of revenue). |
| Which companies are comparable to Mercor? | Companies comparable to Mercor include AngelList, Whop, Info Edge, BOSS Zhipin, Handshake and Seek. |
| How many companies has Mercor acquired? | Mercor has acquired 1 company, including Deeptune. |
| How many companies has Mercor invested in? | Mercor has invested in 1 company, including Copperlane. |
| What was Mercor's last investment? | In June 2026, Mercor invested in Copperlane's $4M seed round alongside Y Combinator, Valon Technologies, TQ Ventures and 1 other investor. |
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