HackerRank Raises USD 30 Million to Transform the Developer Hiring Process
(4 months ago)
PALO ALTO, Calif., Feb. 21: HackerRank, a platform that helps companies evaluate technical talent based on skills, today announced that it has raised USD 30 million in Series C funding led by JMI Equity, a growth equity firm focused on investing in leading software companies.
Suken Vakil, General Partner at JMI Equity, has joined HackerRank's Board of Directors. Existing investors, including Khosla Ventures, Battery Ventures, Randstad Innovation Fund, and Chartline Capital Partners, also participated in the round, which brings HackerRank's total funding to $58.2 million.
HackerRank will use the new capital to accelerate its growth in the enterprise, expand and support its thriving and rapidly growing community of more than 3.4 million developers, and advance its data science research and development. These investments will enable the company to further realize its vision to match every developer to the right job.
"The need for developers is only going to increase as every company becomes a software company. To hire the talent they need to drive innovation, companies can't afford to continue to use antiquated resumes in the first step of their hiring process," said Vivek Ravisankar, co-founder & CEO of HackerRank. "HackerRank is playing an important role in reshaping the future of technical hiring — one where developers can showcase their skills and employers can evaluate them in an unbiased way."
The Bureau of Labor Statistics projects there will be a 24 percent increase in the number of software development jobs available by 2026. HackerRank's technical skills assessments help companies overcome the perceived talent shortage — one of the biggest challenges facing businesses across all industries — by helping them find, assess, and hire software developers based on skill, and not just resumes.
"We see a massive opportunity in HackerRank. Over 10 percent of the world's population of software developers and over a thousand companies use HackerRank," said Suken Vakil, General Partner at JMI Equity and Board Member at HackerRank. "We look forward to helping the HackerRank team scale their efforts in transforming the way companies evaluate and hire the right developers."
With this new capital, HackerRank will further advance its data science capabilities to get deeper insights into developer skills and match them to the right job opportunities. These analytics will give HackerRank an opportunity to more accurately and predictively identify and match candidates with job openings. The company has seen tremendous traction as companies across all industries recognize the need to hire technical talent. Marquee customers include BlackRock, Atlassian, VMware, Capital One, and Looker.