HR Tech Unicorn Checkr Raises $250M Series E at a $4.6B Valuation
Checkr, an SF-based HR tech platform, announced Wednesday that it raised $250 million in a Series E round led by Durable Capital. The fresh injection of capital sent the unicorn’s valuation skyrocketing to a whopping $4.6 billion.
As more companies adjust to a remote work culture, the same approach is being applied to recruiting. This approach has resulted in a massive uptick of customer activity on Checkr’s platform.
Checkr leverages its proprietary AI to process employee background checks for a number of tech giants including Lyft, Instacart, Netflix and Airbnb. The company’s API makes it possible for its enterprise clients to integrate its technology into existing HR systems in order to speed up the hiring process.
“As the workforce becomes more flexible, people’s expectations are changing about where and how they work,” Daniel Yanisse, co-founder and CEO of Checkr, said in a statement. “We are seeing a growing need for innovative technology to support a new way of identifying, onboarding, engaging and even delivering pay and benefits to workers.”
Yanisse told Bloomberg that the company, which became profitable this year for the first time, has revenue that exceeds $200 million.
“As the world shifts to a workforce with more contractors and contingent labor, Checkr is unique in its ability to provide solutions that enable employers to expand and onboard talent quickly and securely,” Corey Shull, partner of Durable Capital, said in a statement.
Checkr processes over 30 million background checks annually, according to the company. The platform covers education and employment verification, drug and health screenings, civil searches and more.
Following the latest raise, Checkr will continue to invest in the expansion of its platform infrastructure. The company is now hiring for its engineering, product and customer success teams, to name a few.
Founded in 2014, Checkr has raised $550 million in venture capital financing to date, according to the company.
Fidelity Management & Research Company, Franklin Templeton and BOND Capital participated in the round, among others.