Ben Herman and Adam Gefkovicz launched Jumpstart in 2017 with a clear mission: to make the world more equitable via a more fair and balanced hiring process.
The company released its “Diversity Recruitment Platform” in July of 2018 with the aim of helping people earlier in their careers get a “jumpstart” via technology.
Over the years, the startup’s mission has evolved beyond helping college grads to helping all employees — regardless of career stage — get a fair shot at jobs. And it’s doing that by teaming up with hundreds of companies — such as Airbnb, Bloomberg, Coinbase, Samsung, Lyft, Pinterest, Plaid, Roblox, Audible, Headspace and Stripe — to help them hire a more diverse pool of candidates.
Demand has accelerated exponentially, and the San Francisco-based startup saw its revenue grow “3x” in 2020 compared to 2019, although execs declined to provide hard figures. Considering its broadened focus, Jumpstart has rebranded to Canvas and announced today that it has closed on $20 million in funding. Early Stripe employee and angel investor Lachy Groom and Sequoia Capital co-led the round, which included participation from Four Rivers Capital. The raise brings Canvas’ total raised to $32.5 million.
“We knew we were only scratching the surface of our vision, and knew we had a solution that could reimagine diversity hiring for everyone,” said co-founder and CEO Ben Herman. “You know how everyone has a CRM? We believe every company should have a DRP, which is a diversity recruitment platform. That’s the category we want to create and we want to be the largest in that space.”
No doubt that the Black Lives Matter movement in the aftermath of George Floyd’s murder helped, well jumpstart, the company’s efforts. Canvas is able to sell its offering as more companies “are being held accountable for their promises of equity and hiring diverse talent,” Herman said.
“Hiring diverse teams is not only a matter of corporate social responsibility,” he added. “Diversity and inclusion are a competitive advantage and strategic priority for every company in today’s landscape. We believe representation is a huge part of what we stand for. So we want everyone to be able to create their own canvas, and to be able to paint their own picture.”
Canvas describes its SaaS offering as a “fully virtual” recruiting platform that is based on self-reported data. About 87% of candidates on its platform disclose their demographic information (which it says is 7x the industry standard), according to the startup. Canvas also says it gives companies the ability to narrow down the priority groups and talent it wants to focus on by filtering over 75+ self-reported candidate data points.
The startup claims that it’s different from others in the space for that reason, among other features.
“Unlike other solutions that might utilize inferred data that could be inaccurate or illegal, Canvas helps create a more accurate data set to identify diverse candidates, helping to solve the core problem of talent discovery,” Herman said.
It also — unlike some diversity hiring platforms — does not rely on artificial intelligence, a fact that Herman is actually proud of.
“We don’t believe that AI is the future. It’s not about getting someone’s gender or ethnicity based off of their name, or to inform the hiring decision without candidates knowing,” Herman told TechCrunch. “It’s all about how to empower talent to self-identify…We want to enable the talent to own their data, and truly be able to represent themselves in unique ways. That’s not leveraging AI.”
Canvas also gives companies a way to design, promote and run events, such as webinars, aimed at hiring diverse talent.
The startup also wants to get to a place where companies are working together “to complete the diversity data gap.”
“The problem is about accessibility, and so we want to give equal access to anyone and everyone — from all companies to all candidates,” Herman said. “And so that is really the most important part of what we are creating — the ability for companies to share data.”
So, how does it measure its own success? Canvas claims that 56% of all hires on the Canvas platform are made from underrepresented groups (URGs), and that it helps employers achieve a 30% reduction in time to hire.
Herman is not your typical startup founder, having dropped out of high school and starting his own recruitment agency at the age of 21. His tenacity is one of the things that attracted Sequoia partner and Canvas board member Mike Vernal to back the company.
“When we first met Ben, it was clear that he was…a natural-born talent scout,” Vernal told TechCrunch. “He thought there was a better way for the industry to work — one where companies and recruiters were more collaborative and used technology to build stronger, more diverse teams.”
Since its initial investment in the company, Vernal believes building diverse teams has never been more important.
“Those teams create better products, make stronger business decisions, and it’s just the right thing to do,” he said. “We believe companies can do a better job sourcing underrepresented talent using Canvas than on their own.”
Canvas plans to use its new capital to expand the product into other industries and verticals beyond technology and continue to address the recruiting process for later stages of people’s careers. The company currently has 70 employees and expects to have 100 by the end of 2021.
As mentioned above, hiring diverse talent is becoming a bigger priority for big tech companies (such as HP) and startups alike. Earlier this year, diverse hiring startup SeekOut raised $65 million. The company has built out a database with hundreds of millions of profiles using its AI-powered talent search engine and “deep interactive analytics.”
https://ift.tt/eA8V8J Canvas lands $20M so tech’s biggest companies can find diverse talent https://ift.tt/3wzlqrE
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