HackerRank Raises $60 Million in Funding

March 30, 2022 – HackerRank, a hiring platform for technology talent, has closed $60 million in series D funding led by Susquehanna Growth Equity (SGE). Additional investors in HackerRank include JMI, Khosla Ventures, Randstad Innovation Fund, and Recruit Holdings. To date, HackerRank has raised more than $115 million in total funding. HackerRank will use the funding to fuel continued growth and accelerate its ability to drive technical hiring for the most in-demand roles and skills at companies across the globe. The funding will also be used to expand the depth of services provided by its global team, invest in technical innovation and partnerships, and scale the team across all departments.

“It’s never been more critical to hire the right developer with the right skill set,” said Vivek Ravisankar, CEO of HackerRank. “For more than a decade, HackerRank has helped growing organizations hire for the most in-demand technical roles on the market. This funding will help us expand our leadership position and support the most relevant skills in tech — and expand beyond hiring into the post-hire journey, as well.”

Funding will be used to expand HackerRank’s Developer Skills Platform to support screening and interviewing for technical skills in emerging areas like machine learning, blockchain, and crypto. The funds will also allow the company to support skill assessments beyond software development, including skills in hardware, design, and QA, as well as soft skills to better evaluate attributes increasingly valued among distributed teams. Across the board, HackerRank will invest heavily in its technical platform, which supports customers in all stages of the developer lifecycle, from pre-hire through post-hire stages.

Additionally, HackerRank will use the funds to invest in key growth strategies to support its global customer base. To bolster those initiatives, the company is scaling its alliances, global services, and customer success teams. HackerRank will also invest in new integrations with mainstream systems that hiring teams regularly use, as well as enhancements to the platform experience for candidates, recruiters, and hiring managers alike. As part of the investment, Susquehanna Growth Equity managing director Martin Angert will also join HackerRank’s board of directors.

“The technical hiring market is at a pivotal moment, as companies around the world struggle to scale recruitment efforts in one of the most competitive labor markets we have ever seen,” said Mr. Angert. “Paired with the explosive growth of remote work, HackerRank has solidified itself as the gold standard for skills-based hiring in the developer community.”

Susquehanna Growth Equity invests in growth stage companies in the software, information services, internet, and financial technology sectors. SGE is backed by a unique and patient source of capital which enables the firm to give management teams and entrepreneurs the freedom and flexibility to maximize long-term growth. Since 2006 SGE has invested $3 billion dollars in over 75 companies across the US, Canada, Europe, and Israel.

Investment Funding

Here’s a look at some other recent funding deals secured by these companies from the Hunt Scanlon Media archives:

SeekOut has announced a $115 million series C funding round led by Tiger Global Management. The round values the Seattle-based company – an artificial intelligence-powered talent search engine – at more than $1.2 billion. “The Great Resignation remains top of mind for both employees and employers as we enter 2022,” said Matthew Merker, research manager, talent acquisition and strategy at IDC. “The way employees look for work opportunities has fundamentally changed, and employers need to rethink how they find new talent and retain existing talent. SeekOut’s data-driven Talent 360 platform offers organizations an advanced set of capabilities that help ease this transition and redefine enterprise talent optimization moving forward.”

Hirewell, a Chicago-based talent acquisition firm, secured an investment of $21 million from Prytek, a global investment firm with expertise in integrating global services firms with cutting-edge technologies. Prytek will provide capital to enable Hirewell to accelerate its organic growth and integrate technology into its managed recruiting services. As part of this investment, Hirewell will acquire ICV, a Tel Aviv-based software company. “The talent acquisition space has evolved significantly over the past ten years, but technology has yet to truly disrupt the industry,” said Matt Massucci, founder and CEO of Hirewell. “Recruiters increasingly rely on multiple platforms, most of which don’t integrate or have limited functionality, and some of which actually compete with the recruiters they claim to support. The ability to combine best-in-class recruiters with cutting-edge technology will equip us to be the ideal recruiting partner for companies that are serious about finding top talent. We are thrilled to partner with Prytek to take that step and continue delivering powerful results to our clients.”

Worksome recently closed a $13 million Series A funding round for its freelance talent platform — after racking up 10x growth in revenue since January 2020, just before the COVID-19 pandemic sparked a remote working boom. Founded in 2017, Worksome is an enterprise platform that connects companies with freelancers looking for professional roles. The company helps medium and large companies, working with many freelancers at a time, filling vacancies within teams rather than assisting companies in outsourcing projects. According to Worksome CEO and co-founder Morten Petersen, most enterprises use managed service providers (MSPs) to manage and pay external workers. He said that they use “outdated technology that is not built for managing fluid workforces to handle complex compliance processes around hiring and managing freelance workforces.”

SeekOut, the AI-powered talent 360 platform, has received $65 million in series B funding led by Tiger Global Management, with participation from existing investors Madrona Venture Group and Mayfield. This capital raise brings SeekOut’s total funding to $73 million. This funding round values SeekOut at close to half a billion dollars. SeekOut’s growth and expansion has been driven by the critical role it plays in empowering talent acquisition teams to recruit hard-to-find and diverse talent. SeekOut has consistently received high scores and strong reviews in analyst and customer assessments.

GoodJob, a platform that aims to use psychology and data science to match workers with jobs, recently raised $3 million to increase marketing and sales efforts in major markets across the U.S. “GoodJob’s solution is ideal for today’s market,” said Stephen D. Johnston, CEO of GoodJob. “Prior to an interview and without introducing bias, employers can quickly assess a candidate’s fit on the front end of the hiring process,” said Mr. Johnston. “This approach allows companies to spend time only on candidates who have a high probability of success, which significantly impacts hiring efficiency, especially as companies move to no-touch hiring practices.”

Turing.com, which describes itself as an automated platform that enables companies to use and manage remote software developers, has assembled $32 million Series B funding. The capitalization round was led by $3.3 billion fund WestBridge Capital. The round includes a number of high-profile investors, including Foundation Capital, which led Turing’s seed round. Altair Capital, Mindset Ventures, Frontier Ventures and Gaingels also participated in the Series B round. Driven by the massive global shift to remote work due to the COVID-19 pandemic, Turing taps into a global pool of developers to help companies hire in markets such as the San Francisco Bay Area and New York, where it has been difficult and expensive to hire and retain software engineers.

The Mom Project, a talent marketplace, closed a $25 million series B funding round, bringing total funding at the Chicago-based company to $36 million. The Mom Project aims to connect women, including mothers, with employment opportunities. Its platform has amassed more than 275,000 users and more than 2,000 companies, including brands like Apple, Nike, Gap and BP. “Together we’ve proven that hiring, retaining and supporting moms and caregivers isn’t just a nice thing to do — it’s great for business,” said Allison Robinson, founder and CEO. “We’re in a unique moment in time where companies are embracing flexible work and prioritizing inclusion, and are excited to rapidly accelerate our efforts to unlock the potential of moms in the workplace. Our latest round of funding will help expand our Enterprise product suite, build out our mom community engagement strategy and engage with more small business customers.”