KarmaCheck Scores $45 Million Series B

<p><strong><span class&equals;"legendSpanClass"><span class&equals;"xn-location">SAN FRANCISCO <&sol;span><&sol;span><&sol;strong>&&num;8212&semi; <u>KarmaCheck<&sol;u>&comma; which provides a technology-based solution for background checks&comma; credentialing&comma; and compliance&comma; has raised <span class&equals;"xn-money">&dollar;45 million<&sol;span> in a Series B funding round led by Parameter Ventures&comma; with participation from PruVen Capital&comma; Velvet Sea Ventures&comma; GC1 Ventures&comma; and NextView Ventures&period; The company will leverage the funding to accelerate development of its proprietary technology platform&comma; scale its exceptional service levels to more customers and candidates&comma; and expand into new industry verticals&period;<&sol;p>&NewLine;<p>KarmaCheck was founded by <span class&equals;"xn-person">Eric Ly<&sol;span>&comma; one of the co-founders of LinkedIn&period; For over two decades&comma; Ly has worked to remove barriers that stand between talent and professional opportunity&period; His commitment to this space led him to form KarmaCheck in 2019&period;<&sol;p>&NewLine;<p>The Series B funding round follows a year of significant achievements and milestones according to the company including&colon;<&sol;p>&NewLine;<ul >&NewLine;<li>Revenue growth of over 600&percnt;<&sol;li>&NewLine;<li>Expansion of its customer experience team by more than 300&percnt;<&sol;li>&NewLine;<li>Delivery of millions of screenings<&sol;li>&NewLine;<&sol;ul>&NewLine;<p>&&num;8220&semi;Background checks and credentialing have long been among the most frustrating steps of the hiring process for both candidates and hiring managers&comma;&&num;8221&semi; said <span class&equals;"xn-person">Eric Ly<&sol;span>&comma; co-founder and CEO of KarmaCheck&period; &&num;8220&semi;But that doesn&&num;8217&semi;t have to be the case&period; KarmaCheck focuses heavily on both technology innovation and expert-led customer service&period; This combination&comma; coupled with our AI-forward approach&comma; is unique in the industry and enables us to deliver not only fast and accurate results&comma; but also the industry&&num;8217&semi;s best candidate experience&period;&&num;8221&semi;<&sol;p>&NewLine;<p>KarmaCheck&&num;8217&semi;s platform offers the advanced technology that one would expect from such an industry pioneer&period; Staffing administrators benefit from intuitive&comma; automated dashboards and built-in API integrations to applicant tracking systems&period; Candidates stay informed through a mobile-friendly interface and can easily schedule clinic-based screenings through the platform&period; These innovative features lead to faster results&comma; lower costs&comma; and a better experience for both candidates and employers&period; Head-to-head comparisons have shown that KarmaCheck returns results up to three times faster than competitors with no loss of accuracy&period;<&sol;p>&NewLine;<p>&&num;8220&semi;As a healthcare staffing firm&comma; there are several factors we need to consider when choosing our background check vendor&comma; including accuracy&comma; speed&comma; scope&comma; cost&comma; and candidate experience&comma;&&num;8221&semi; said <span class&equals;"xn-person">Pete Hietpas<&sol;span>&comma; CEO of PRN Healthcare&period; &&num;8220&semi;KarmaCheck excels across all of these areas&period; Our administrators love the platform and the responsive support&comma; candidates like the transparency and easy scheduling&comma; and everyone appreciates the fast and accurate screenings&period; Switching to KarmaCheck has resulted in 85&percnt; faster background screenings and 12 hours per week saved for our team&period;&&num;8221&semi;<&sol;p>&NewLine;<p>The company reports incredible demand for its solution in highly credentialed industries like healthcare&comma; where speed-to-hire is a significant competitive advantage and traditional background check processes are arduous and time-consuming&period;<&sol;p>&NewLine;<p>&&num;8220&semi;KarmaCheck stands out as a leader in a critical sector ripe for new approaches&period; Its innovative product&comma; experienced management team&comma; and commitment to customer success aligns closely with our investment philosophy&comma;&&num;8221&semi; said <span class&equals;"xn-person">Douglas Romanoff<&sol;span>&comma; Partner at Parameter Ventures&period; &&num;8220&semi;We couldn&&num;8217&semi;t be more excited to support KarmaCheck as it brings its transformative solutions to professional background checks&comma; enabling greater speed&comma; simplicity&comma; and transparency fit for the modern workforce&period;&&num;8221&semi;<&sol;p>&NewLine;