HackerRank Raises $30 Million to Transform the Developer Hiring Process
JMI Equity leads Series C to help fuel HackerRank's growth as the leading skills-based hiring platform
PALO ALTO, Calif., February 13, 2018-- HackerRank, a platform that helps companies evaluate technical talent based on skills, today announced that it has raised $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.
HackerRank is a technical hiring platform that helps businesses evaluate software developers based on skill. Over 1,000 customers across all industries, including 5 out of the top 8 commercial bank institutions in the U.S. and 4 of the top 7 retail companies, rely on HackerRank's automated skills assessments to evaluate and hire technical talent from around the world. More than 3.4 million developers (over 10 percent of the global developer population) trust HackerRank to learn and practice coding. On average, HackerRank powers one challenge every 15 seconds in over 35 programming languages. For more information, visit www.hackerrank.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 130 businesses in its target markets, successfully completed over 85 exits, and raised more than $3 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information, visit www.jmi.com.
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