Phenom’s Share Price Drops 20%

**Correction: After further review and consulting with Phenom, the company has maintained a valuation of over $1 billion, and the article has been updated to reflect this. The title was changed from “Phenomenal Drop: Phenom Falls Out of the Prime Unicorn Index.”**

Last week, the Prime Unicorn Index underwent its quarterly reconstitution, where new companies are added and old companies are removed from the index. The composite index added five new companies, while one was removed for slipping below a $1B valuation in the secondary market: (covered here).

Phenom is a talent experience management platform that helps companies attract, engage, convert, and retain top talent through personalized experiences. In March 2021, Phenom raised a $100M Series D round, which valued the company at roughly $1.2B at a preferred share price of $19.38. Investors include B Capital, Dragoneer, OMERS, GoldenArc, Westbridge, AllianceBernstein, Sierra Ventures, Karlani Capital, Sigma Prime Ventures, and others.

According to Caplight data, since its last round, Phenom has seen its shares trade at a discount in the secondary markets. Between October and November 2023, there were six secondary transactions priced at $15.50 per share, 20% lower than the Series D price. This drops the company’s valuation to $1.14 billion.

See how the company’s share price has progressed below.