KarmaCheck secures $45m in Series B to revolutionize background checks
KarmaCheck, a leader in technology-driven background checks, credentialing, and compliance solutions, has successfully raised $45 million in a Series B funding round. The round was led by Parameter Ventures and saw participation from PruVen Capital, Velvet Sea Ventures, GC1 Ventures, and NextView Ventures. This significant investment will enable KarmaCheck to accelerate the development of its proprietary technology platform, enhance service levels, and expand into new industry verticals.
Founded in 2019 by Eric Ly, a co-founder of LinkedIn, KarmaCheck has been dedicated to improving the intersection of talent and professional opportunities. Ly’s vision has driven the company to not only grow rapidly but also to innovate continuously within the human resources technology space.
Over the past year, KarmaCheck has reported impressive achievements:
– A 600% increase in revenue growth.
– A 300% expansion of its customer experience team.
– Successful delivery of millions of screenings.
These milestones underscore KarmaCheck’s commitment to transforming the traditionally arduous process of background checks and credentialing into a streamlined, user-friendly experience.
KarmaCheck’s platform combines advanced technology with an AI-forward approach, setting it apart in the industry. It offers automated dashboards for staffing administrators and a mobile-friendly interface for candidates, which includes features for scheduling clinic-based screenings. This integration of technology results in faster background checks, lower costs, and an enhanced experience for both candidates and employers. In comparisons, KarmaCheck has shown to deliver results up to three times faster than its competitors without compromising on accuracy.
The effectiveness of KarmaCheck’s solutions is highlighted by endorsements from various industry leaders, including Pete Hietpas, CEO of PRN Healthcare, who noted, “KarmaCheck excels across all important areas including accuracy, speed, scope, cost, and candidate experience. Our team saves 12 hours per week, and we see 85% faster background screenings since switching to KarmaCheck.”
With the influx of new capital, KarmaCheck plans to tackle the high demands of credentialed industries such as healthcare, where speed-to-hire is crucial. The investment support from leading firms like Parameter Ventures underscores KarmaCheck’s potential to redefine professional background checks with greater speed, simplicity, and transparency.
Douglas Romanoff, Partner at Parameter Ventures, expressed enthusiasm for the partnership: “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.”
As KarmaCheck continues to grow and redefine the standards for background checks and credentialing, it remains committed to delivering top-tier technology coupled with exceptional customer support. This approach not only enhances the hiring process but also significantly impacts the efficiency and productivity of businesses across various sectors.