HackerRank, the IT skills-based hiring platform, announced that it has secured $60M in Series D funding led by Susquehanna Growth Equity. Other investors, including JMI, Khosla Ventures, Randstad Innovation Fund, and Recruit Holdings, joined the round. To date, the company has raised $115M in total funding.
As part of the investment, Susquehanna Growth Equity Managing Director Martin Angert will join HackerRank’s Board of Directors.
How will the funding be used?
The California-based company will use the funds to accelerate continued growth and its ability to drive technical hiring for the most in-demand roles and skills at companies globally. The capital will also be used to expand its services, invest in technical innovation and partnerships, and scale the team across all departments.
The company plans to use the capital to expand its Developer Skills Platform to support screening and interviewing for technical skills in emerging areas like machine learning, blockchain, and crypto. The funds allow the company to support skill assessments beyond software development, including skills in hardware, design, and QA, as well as soft skills.
Across the board, HackerRank will invest heavily in its technical platform, which supports customers in all stages of the developer lifecycle, from pre-hire through post-hire stages. The company is also scaling its Alliances, Global Services, and Customer Success teams to bolster these initiatives.
“It’s never been more critical to hire the right developer with the right skill set,” said Vivek Ravisankar, CEO of HackerRank. “For more than a decade, HackerRank has helped growing organizations hire for the most in-demand technical roles on the market. This funding will help us expand our leadership position and support the most relevant skills in tech — and expand beyond hiring into the post-hire journey, as well.”
What does HackerRank solve?
To gain a competitive edge, companies globally are investing in their technical hiring processes to add efficiencies and refine the candidate experience. However, the supply and demand pressure in the tech labour market has led to unprecedented competition for tech roles across all skill levels. Consequently, the stakes are higher than ever to secure talent with the right technical capabilities. And here’s where HackerRank fills the gap.
Helps in hiring best technical talent
Founded by Harishankaran Karunanidhi and Vivek Ravisankar in 2009, HackerRank helps businesses attract, evaluate and hire the best technical talent globally. HackerRank says more than 2,800 customers across all industries, including over 25% of the Fortune 100, rely on its platform to raise their hiring bars.
In the past 12 months, the US company has achieved several milestones. As per the company’s claims, it has assessed software developers globally with more than 188M technical challenges and code submissions. Last year, the company introduced 10 new roles and 35 new skills to its expanding content library, bringing its total to 27 roles, 100 skills, and more than 3,100 questions.
Further, the platform has also introduced new machine-learning plagiarism detection tools to look beyond code similarity to ensure confidence in assessment scores. More than 18M developers (approximately 40% of the global developer population) trust HackerRank to learn and showcase their coding skills.
Every second, two developers complete a HackerRank code submission, or 185,000 per day, claims the company. Further, the company witnessed 72% YoY growth in ARR in 2021.
Susquehanna Growth Equity (SGE) invests in growth-stage companies in the software, information services, internet, and financial technology sectors. Since its inception in 2006, the company has invested $3B in over 75 companies across the US, Canada, Europe, and Israel.
“The technical hiring market is at a pivotal moment, as companies around the world struggle to scale recruitment efforts in one of the most competitive labor markets we have ever seen,” said Martin Angert, Managing Director at Susquehanna Growth Equity. “Paired with the explosive growth of remote work, HackerRank has solidified itself as the gold standard for skills-based hiring in the developer community.”