KarmaCheck, a trailblazer in technology-driven background checks and credentialing, announced a major milestone today.
The company successfully secured $45m in a Series B funding round, which was spearheaded by Parameter Ventures. Additional backing came from PruVen Capital, Velvet Sea Ventures, GC1 Ventures, and NextView Ventures.
KarmaCheck is renowned for its innovative approach to simplifying and enhancing the background check process. Founded in 2019 by Eric Ly, a LinkedIn co-founder, the company has consistently aimed to dismantle the barriers that obstruct the path between talent and professional opportunities. Through its state-of-the-art technology platform, KarmaCheck has redefined the standards for background checks and credentialing services.
The fresh capital will be utilized to further refine KarmaCheck’s proprietary technology. Plans include scaling up the service levels to accommodate more customers and candidates, as well as venturing into new industry verticals.
KarmaCheck has demonstrated impressive growth metrics over the past year. Notable achievements include a 600% increase in revenue, a 300% expansion of its customer experience team, and the delivery of millions of screenings.
Eric Ly, co-founder and CEO of KarmaCheck, said, “Background checks and credentialing have long been among the most frustrating steps of the hiring process for both candidates and hiring managers.
“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.”
The company’s platform features advanced technology, including intuitive, automated dashboards and built-in API integrations to applicant tracking systems. This technological prowess has enabled KarmaCheck to produce results up to three times faster than its competitors, without compromising on accuracy.
Pete Hietpas, CEO of PRN Healthcare, said, “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.
“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.”
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