- KarmaCheck raises $45 million in funding round led by Parameter Ventures.
- Funds will be used to enhance technology and expand into new industries.
OUR TAKE
KarmaCheck’s innovative solutions offer a breath of fresh air. Their commitment to enhancing technology and expanding services ensures they are poised to become a leader in the industry, ultimately making hiring processes smoother and more efficient for businesses and candidates alike.
—Doris Du, BTW reporter
KarmaCheck, a background-checking startup founded by LinkedIn co-founder Eric Ly, has successfully raised $45 million in a recent funding round led by Parameter Ventures.
What happened
The San Francisco-based company announced on Thursday that it will utilise the funds to accelerate the development of its technology and expand into new industry verticals. The funding round also saw participation from NextView Ventures, PruVen Capital, and Velvet Sea Ventures.
Why it’s important
KarmaCheck is one of many companies leveraging technology to streamline complex, labour-intensive HR tasks such as criminal background checks and education verification. The demand for these services has surged, particularly after the pandemic popularised remote working. KarmaCheck claims it can deliver results nearly twice as fast as traditional methods, making it an attractive choice for companies needing efficient hiring processes.
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Personal and emotional perspective
It’s fascinating to see how technology continues to transform traditional processes. KarmaCheck’s rapid growth and innovative approach reflect a broader shift towards efficiency and speed in HR practices. As someone who has experienced the tedious nature of background checks, I appreciate the convenience and speed KarmaCheck promises. It’s a reminder of how crucial it is for companies to adapt and evolve in our fast-paced world.
