![]() ![]() Karat co-founders Mo Bhende (left) and Jeff Spector. The news: Karat, a Seattle-based startup that helps companies conduct technical interviews, raised a $110 million Series C round at a $1.1 billion valuation. It’s the latest Seattle tech company to reach a $1 billion valuation, or “unicorn” status, following Amperity, Highspot, Zenoti, and Rec Room. The tech: The startup uses a network of vetted interviewers who run the interviews via video conference, using a question format and scoring rubric based on research and analysis done by Karat. The companies receive feedback on the top qualified applicants, based on Karat’s diligence, as well as insights about their hiring process. The idea is to help companies screen more candidates while freeing up their own employees from interviewing responsibilities, amid an ongoing battle for tech talent. The metrics: Karat is more than doubling revenue and the number of customers year-over-year. Funding Innovation in Fintech TTV Capital invests in fintech businesses that serve the widely varying needs of the financial services sector and the consumers of financial products. It has eight companies spending more than $1 million per year. The company’s alliance with LPL Financial, its one-millionth customer or advisor pairing on its SmartAdvisor system, a robust Live Connections. SmartAsset has increased revenue ten times since funding its Series C in June 2018 and is approaching 100 million in annual recurring income (ARR). The startup has capacity to conduct 50,000 interview hours per month. TTV Capital served as the round’s lead investor. The take: Karat is riding multiple tailwinds, including some driven by the pandemic: It makes money from subscriptions and on total consumption. The “Great Resignation” - more people are quitting their jobs than ever.The increased attention on diversity with hiring - Karat says it removes bias from interviews, for example.The acceleration of digital transformation - “every company is hiring software engineers,” Bhende noted.The shift to remote work - companies are hiring in more places, beyond their physical offices. That means companies need to replace more roles. How to check if PIP is already installed.And they don’t want their current employees to spend time interviewing, Bhende said. TTV Capital provides support for fintech companies across the ecosystem who have innovative technology, large potential market opportunities, and dynamic founding teams. ![]()
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