AboveBoard Raises $6 Million in Funding
May 16, 2022 – AboveBoard, an inclusive platform for executive placement that is increasing representation of black, Latinx and female professionals on boards and at the C-suite/VP level, has raised $6 million in seed funding, bringing its funding to date to $9 million. AboveBoard received the $6 million in funds from its sister company, True.
“In partnership with AboveBoard, companies can move beyond performative DEI statements to impact: to actually build more diverse teams,” said Lucinda Duncalfe CEO and founder at AboveBoard. “We help companies access and attract underrepresented talent–it’s that simple.”
AboveBoard is living up to its mission. Two-thirds of the employees are women, a third are LGBTQ+, 39 percent are black, 17 percent are Hispanic/Latinx, and the leadership team is diverse – 75 percent of the company’s board of directors are members of underrepresented groups.
“We are deeply committed to AboveBoard’s success, and we are excited to help transform an industry where access to opportunities can be limited, even for the best candidates,” said Brad Stadler, co-CEO and co-founder of True. “AboveBoard is perfectly positioned to change the face of leadership by disrupting hiring practices that can preserve the status quo.”
Related: LLR Partners Makes Equity Investment in True
“AboveBoard opens up the recruiting process and rebalances the power between candidates and hiring firms, to drive better results for executives and employers,” Ms. Duncalfe said. “Executives should get hired based on what they know, not who they know. AboveBoard makes this possible.”
“In many ways, True Search and AboveBoard are complementary businesses that each offer creative executive talent solutions,” said Joe Riggione, True co-CEO and AboveBoard board director. “AboveBoard co-founder and CEO Lucinda Duncalfe is doing an incredible job leading the business and positioning it to make a significant impact on executives’ careers and companies’ talent strategies, most importantly around diversity.”
Jensen Partners Launches New Platform to Address Diversity Hiring
Jensen Partners, a woman-owned executive search and corporate advisory firm for the alternative investment management industry, will launch DiversityMetrics, a software platform to combine self-reported diversity data and human capital management technology specifically designed for asset managers seeking to quantify, measure, report and improve workforce diversity and inclusion – both within their own organization and across their portfolios. The DiversityMetrics platform features a high-tech, high-touch approach that combines customizable data visualization tools with verified demographic data on more than 25,000 investment and distribution professionals, including 8,000 who identify as having a diverse background, working at more than 600 global, alternative investment firms.
“We know that the alternative investment industry has a diversity problem, and each new data point and anecdote provides added evidence that we can use to identify where the gaps are and make specific recommendations for progress on diversity, equity and inclusion (DEI),” said founder and CEO Sasha Jensen. “The power of the DiversityMetrics platform is that it allows alternative asset managers to quantify and qualify the intersectionality of race, class and gender across their workforce, and then use that data to make data-driven decisions about best practices and ensures that the slate of candidates in any given human capital engagement are richly diverse.” It is a product long overdue for the financial sector, which has had its share of diversity hiring problems for years.
“The executive search industry as a whole has failed to consistently deliver diverse executive talent pools to hiring companies,” said Mr. Stadler. “AboveBoard corrects this issue by providing inclusive candidate slates and empowering those executives to see all available opportunities. AboveBoard’s powerful sourcing solutions can complement traditional retained executive search by helping companies hire more under-represented leaders, and ultimately improve business outcomes.”
Serving PE and VC Firms
Hundreds of senior-level positions are already listed on AboveBoard. Private equity and venture capital firms including Warburg Pincus, Audax Group, Summit Partners, and Insight Partners as well as portfolio companies are hiring through AboveBoard. AboveBoard has assisted ACV Auctions add two key independent board members and has partnered with groups including Seizing Every Opportunity, Commune Angels and Valence to increase opportunities for their executive members. The platform is free for executives, and anyone VP-level and above or with similar career experience can sign up at www.aboveboard.com.
“The importance of diversity, equity, and inclusion as core values of leadership teams is undeniable,” said Asheesh Gupta, managing director at Audax Group.” As we work to expand our practices and resources to widen the applicant pool for portfolio executive searches beyond our traditional sources, we are excited to partner with AboveBoard as they launch this new platform focused on helping firms attract diverse talent.”
The platform’s early focus was on the growth ecosystem, including venture capital and private equity-backed companies and digital and technology positions at large corporations. Examples of jobs currently listed on the platform include chief executive officer, chief technology officer, chief financial officer, chief marketing officer, VP of sales, VP of marketing, head of product, and head of finance.
Related: 3 Strategies for Adding More Diversity to Your Talent Model
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media