KarmaCheck Raises $45 Mn In Series B Round Led By Parameter Ventures

KarmaCheck, a technology-based solution for background checks, credentialing and compliance raised USD 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, according to media reports. The funding will be used to accelerate the development of its proprietary technology platform, scale its services to more customers and candidates, and expand into new industry verticals.

Founded by Eric Ly, one of the co-founders of LinkedIn, KarmaCheck aims to remove barriers between talent and professional opportunities. Since its inception in 2019, the company has seen significant growth, including revenue growth of over 600 per cent, expansion of its customer experience team by more than 300 per cent, and the delivery of millions of screenings.

According to media reports, KarmaCheck’s platform offers advanced technology with intuitive, automated dashboards and built-in API integrations to applicant tracking systems. Candidates benefit from a mobile-friendly interface, allowing easy scheduling of clinic-based screenings. These features result in faster, more accurate results, lower costs, and an improved experience for both candidates and employers. Comparisons indicate that KarmaCheck returns results up to three times faster than competitors without sacrificing accuracy.

Parameter Ventures’ Partner Douglas Romanoff highlighted KarmaCheck's innovative product, experienced management team, and commitment to customer success as key reasons for their investment, aligning with their philosophy of supporting transformative solutions in professional background checks.