Curated Intel from the Talent Tech Industry
September 13-19, 2021:
• DHI Group, Inc. looks for inspiration with $3 million investment in The Muse;
• Diversity recruitment platform Canvas ups value to $400M with $50M in Series C;
• Background check platform Veremark grows business with seed round extension of $2.8m;
• Feds pursue fraud claims against PPP recipients for payroll fibbing & more;
• Humanly raises $4.2M to build momentum in its mission to hire fairly.
PLUS
• The TAtech Talent Technology Buyer’s Guide is a one-of-a-kind resource for recruiters. The only database available to talent acquisition teams that features solution providers with both state-of-the-art products and business practices they can count on.
DHI Group, Inc. Announces $3 million Investment in The Muse
DHI Group, Inc. (NYSE: DHX), the leading provider of AI-powered technology-focused career marketplaces, today announced a $3 million investment in The Muse, a values-based career destination for the next gen workforce to search for jobs and research companies & careers. The investment will be used to support the expansion of The Muse's product development and sales efforts to meet the increasing market demand for its unique values based employer discovery offerings. Terms of the planned transaction are not being disclosed at this time. In addition to the investment, the two companies will work together to develop joint sales, thought leadership and product solutions to better serve their respective stakeholders. At a time when the market to hire technologists is tighter than ever, one focus of the partnership is to offer Dice clients an opportunity to convey their unique culture, values, and approach to technology development. These differentiators are fundamental to attracting and retaining talented technologists who will remain in high demand for the foreseeable future.
Canvas Raises $50M in Series C; Valued At $400M
Canvas, a San Francisco, CA-based diversity recruitment platform, raised $50m in Series C funding, bringing its valuation to $400m. The round was led by Owl Ventures, with participation from Sequoia, Lachy Groom, Zoom Apps Fund, HighSage Ventures, BAM Elevate and Fifth Down Capital. The company intends to use the funds to expand its product into other industries and verticals outside of technology, and make new R&D investments to further develop the platform’s insights and recommendation systems. Led by Ben Herman, CEO, Canvas is a Diversity Recruitment Platform (DRP) to hire diverse teams. Companies like Lyft, Headspace, Airbnb & Dropbox use Canvas to understand the diversity of their recruiting pipeline, source underrepresented talent, run engaging virtual events, enhance employer brand, and measure the ROI of their diversity recruiting initiatives.
Background check platform Veremark extends seed round by $2.8m
Veremark, which conducts pre-employment background checks, has reportedly raised $2.8m in an extension to its seed round. The capital injection was supplied by ACF Investors, Triple Point Ventures and SOV Ventures, according to a report from Tech in Asia. Several angel investors also joined the round, including Rippling co-founder Prasanna Sankar, Wade & Wendy co-founder Drew Austin and Accel investor Rika Christanto. With the funds, the FinTech company hopes to bolster its position in the market. Veremark CEO and co-founder Daniel Callaghan told Tech in Asia, “We see this round as an initial stepping stone in the start of transforming the overall ‘trust’ market and build a new category around credential management to drive greater efficiency in the hiring market and beyond.” The company, which was founded in 2018, offers technology to simplify the background check process when onboarding a new employee.
Feds Pursue Fraud Claims Against PPP Recipients
To help struggling businesses needing immediate access to cash during the COVID-19 pandemic, Congress introduced the Paycheck Protection Program (PPP) as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020. Some companies, however, didn’t use the PPP loan funds as Congress intended. Because of a broad range of associated fraud, the Small Business Administration (SBA) and other government agencies have been investigating PPP loan cases. As of late March 2021, the U.S. Department of Justice (DOJ) has publicly charged 474 parties with criminal offenses based on pandemic fraud schemes, totaling $569 million in claims, and the investigations continue. In 2020, banks filed more than 21,000 suspicious activity reports (SARs) based solely on potential PPP loan fraud. By early 2021, the SBA had received 150,000 whistleblower reports about PPP loan fraud. Out of $202 billion in loans issued, at least $341 million were involved in alleged fraud schemes. PPP loan fraud comes in all shapes and sizes, from inflated payroll expenses to the fabrication of entire businesses with no operations. Reports suggest bad actors have claimed thousands of fake employees for coverage while allegedly using the funds to buy luxury vehicles, mansions, and diamonds as well as for back payment of child support and other fraudulent purposes.
Humanly.io Drives Recruitment Innovation for Moss Adams, Worldwide Flight Services, and the Seattle Storm
Humanly.io announces a successful momentum raise to continue company growth and product development. Better pre-hire conversations result in better hires for companies seeking quality and diverse employees. Launched in July of 2019, Humanly.io has spent the last two years perfecting conversational AI to speed the hiring process, allowing humans to remain at the heart of recruiting. Utilizing linguistic theory and maintaining a primary focus on DEIB (diversity, equity, inclusion, and belonging) in hiring, Humanly.io uses innovation to empower both hiring authorities and job applicants. Celebrating a total raise of $4.2 million, Humanly.io shares a unified approach with their investment partners. "Humanly.io brings equity into direct candidate conversations," says Nasir Qadree, Founder and Managing Partner at Zeal Capital Partners. He continues, "We are excited for the alignment between Humanly.io and Zeal's Future of Work investment portfolio, along with its impressive growth and the promise to improve the hiring process."
A Talent Technology Buyer’s Guide Recruiters Can Count On
There are a bazillion talent technology companies out there, offering all kinds of recruiting products. How do recruiters know which are credible and worth your consideration? They turn to the TAtech Talent Technology Buyer’s Guide. This database only lists organizations that have great talent technology AND ascribe to the TAtech Code of Ethics. That makes it a unique resource that recruiters can count on to feature solution providers with BOTH state-of-the-art talent acquisition products and the highest standard of business practices!