Rapid revenue growth and an oversubscribed financing round
signal that both customers and investors are embracing disruption
in the industry
SAN FRANCISCO, June 27, 2024 /PRNewswire/ -- KarmaCheck,
a technology-based solution for background checks, credentialing,
and compliance, announced today that it has raised $45 million in a Series B funding round led by
Parameter Ventures, with participation from PruVen Capital, Velvet
Sea Ventures, GC1 Ventures, and NextView Ventures. The company will
leverage the funding to accelerate development of its proprietary
technology platform, scale its exceptional service levels to more
customers and candidates, and expand into new industry
verticals.
KarmaCheck was founded by Eric
Ly, one of the co-founders of LinkedIn. For over two
decades, Ly has worked to remove barriers that stand between talent
and professional opportunity. His commitment to this space led him
to form KarmaCheck in 2019.
The Series B funding round follows a year of significant
achievements and milestones for KarmaCheck including:
- Revenue growth of over 600%
- Expansion of its customer experience team by more than
300%
- Delivery of millions of screenings
"Background checks and credentialing have long been among the
most frustrating steps of the hiring process for both candidates
and hiring managers," said Eric Ly,
co-founder and CEO of KarmaCheck. "But that doesn't have to be the
case. KarmaCheck focuses heavily on both technology innovation and
expert-led customer service. This combination, coupled with our
AI-forward approach, is unique in the industry and enables us to
deliver not only fast and accurate results, but also the industry's
best candidate experience."
KarmaCheck's platform offers the advanced technology that one
would expect from such an industry pioneer. Staffing administrators
benefit from intuitive, automated dashboards and built-in API
integrations to applicant tracking systems. Candidates stay
informed through a mobile-friendly interface and can easily
schedule clinic-based screenings through the platform. These
innovative features lead to faster results, lower costs, and a
better experience for both candidates and employers. Head-to-head
comparisons have shown that KarmaCheck returns results up to three
times faster than competitors with no loss of accuracy.
"As a healthcare staffing firm, there are several factors we
need to consider when choosing our background check vendor,
including accuracy, speed, scope, cost, and candidate experience,"
said Pete Hietpas, CEO of PRN
Healthcare. "KarmaCheck excels across all of these areas. Our
administrators love the platform and the responsive support,
candidates like the transparency and easy scheduling, and everyone
appreciates the fast and accurate screenings. Switching to
KarmaCheck has resulted in 85% faster background screenings and 12
hours per week saved for our team."
The company has seen incredible demand for its solution in
highly credentialed industries like healthcare, where speed-to-hire
is a significant competitive advantage and traditional background
check processes are arduous and time-consuming.
"KarmaCheck stands out as a leader in a critical sector ripe for
new approaches. Its innovative product, experienced management
team, and commitment to customer success aligns closely with our
investment philosophy," said Douglas
Romanoff, Partner at Parameter Ventures. "We couldn't be
more excited to support KarmaCheck as it brings its transformative
solutions to professional background checks, enabling greater
speed, simplicity, and transparency fit for the modern
workforce."
About KarmaCheck
KarmaCheck is reimagining background checks and credentialing by
combining the industry's best technology with exceptional customer
support. With powerful APIs and integrations, a mobile-friendly
candidate experience, and rapid customer service response times,
KarmaCheck delivers accurate background checks faster. Find out why
companies across healthcare, staffing, and industrial sectors are
switching to KarmaCheck at www.karmacheck.com.
Media Contact
Inkhouse for KarmaCheck
KarmaCheck@Inkhouse.com
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