CareerArc Raises $30 Million to Drive Product Innovation, Sales & Marketing
January 17, 2019
L.A. Company Helps Thousands of Organizations Recruit and Transition their Workforce through Award-Winning HR Technology; Growth Funding Led by PeakEquity Partners
Los Angeles, CA – CareerArc, a global leader in HR technology, today announced it raised a $30 million growth equity round led by PeakEquity Partners (“PeakEquity”). As the only company offering both social recruiting and virtual outplacement solutions to the multi-billion dollar HR software market, CareerArc helps organizations manage the two critical touchpoints in employment where an employer brand is tested and scrutinized – hiring new talent and transitioning employees out of the organization.
“This investment and the support of the team at PeakEquity Partners should allow us to accelerate our growth, expand product offerings, and strengthen our market position,” said Robin D. Richards, CareerArc CEO and Co-Founder. “PeakEquity has a broad set of strategic and operational experience that will be valuable as we continue to execute on our vision and take CareerArc to the next level.”
CareerArc provides a state-of-the-art HR software platform that enables enterprises to recruit talent, transition their workforce, and manage their employer brand more effectively. The company, founded in 2009, will use the investment to fund an aggressive expansion plan to support product innovation and accelerate sales and marketing efforts.
“We believe this transaction will enable CareerArc to build on its long history of providing innovative HR technology solutions, leverage its strong SaaS technology platform, and continue to grow share in a multi-billion dollar addressable market,” said Ric Andersen, Partner of PeakEquity.
CareerArc combines social recruiting and virtual outplacement solutions to help thousands of organizations, including many of the Fortune 500, maximize their employment brand. CareerArc Social Recruiting solutions allow companies to connect with job candidates on social media by distributing open jobs across social channels, creating and scheduling shareable social media content, and tracking and measuring campaign results. CareerArc Outplacement solutions enable organizations to prepare employees for their next career step through resume development tools, skills assessments, job matching and on-demand career coaching. As the only company to offer both social recruiting and virtual outplacement solutions, CareerArc provides HR leaders the critical tools to both amplify and protect their employment brand.
“We are excited to partner with the team at CareerArc for the next stage of their growth. CareerArc has a seasoned executive team led by co-founders that have partnered together in their last three companies and have a 20-year working relationship,” said D.J. Andrzejewski, Partner of PeakEquity. “We are backing a team with a history of innovation that we believe will capitalize on the company’s market opportunity to achieve accelerated revenue growth.”
Robert Michalik, Managing Director of founding lead investor Kinderhook Industries, LLC said, “We are pleased to welcome PeakEquity Partners into the CareerArc family and believe with this substantial new insertion of capital that CareerArc will accelerate its market-leading position.”