SAN FRANCISCO, CA – June 27, 2024
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.”
