TMCnet News
CodeFights Raises $10M To Democratize Tech RecruitingSAN FRANCISCO, Nov. 17, 2016 /PRNewswire/ -- CodeFights announced today that it has raised $10 million in Series A funding, led by e.ventures. This sizeable round is a testament to CodeFights' impressive growth and will fuel the company's mission to transform the way the tech industry recruits by making it more meritocratic. CodeFights provides a free gamified educational tool that helps software engineers practice and improve their skills. CodeFights also works with top tier tech companies—including Uber, Dropbox, Asana and Quora—to help them find in-demand engineering talent through skill-based recruiting. CodeFights' user base has grown by 10X since the company raised its seed round in April 2015 and revenue has doubled every month over the past four months. "Rarely do we find markets that are lacking as much transparency and are as fragmented as that of technical recruiting," said Tom Gieselmann from e.ventures, who joined CodeFights' board. "With CodeFights, we see a future in which people are provided opportunity based on their talents, rather than their educational or work backgrounds. As a global venture capital firm, CodeFights' mission helps support our goal of assisting the development of international internet-enabled businesses." In the past 6 months, CodeFights has partnered with hundreds of companies to help them move from pedigree to skill-based recruiting. CodeFights follows a contingency recruiting model wher companies use the platform for free until they make their first hire. Once they do, they pay CodeFights a referral fee equivalent to 15 percent of the hired candidate's first year salary. "People like to believe that we live in a meritocracy, where individuals are valued based on their skills and abilities and not their titles, but the truth is, we do not," said CodeFights founder and CEO Tigran Sloyan. "The brand of your school and workplace are really the only things that determine your place in the talent market. CodeFights is on a mission to change that by improving access to world class education and focusing on competency above all else in recruiting." This groundbreaking approach has led CodeFights to break open opportunities for talented engineers with non-standard backgrounds, who wouldn't otherwise have had access to them. For example, the company helped a transwoman named Jessica Janiuk from Des Moines, Iowa secure a job with a Datto in Boston. It also provided a leg up to James Johnston, a senior engineer from Chattanooga, Tennessee who recently joined Thumbtack in San Francisco. This $10 million in funding will enable CodeFights to enter the next phase of its growth. Other participants in this round include SV Angel, Felicis Ventures, A Capital and Granatus Ventures. Thomas Gieselmann, general partner at e.ventures, and Charlie Songhurst, the former head of corporate strategy at Microsoft, will join the CodeFights Board of Directors. About CodeFights: About e.ventures:
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/codefights-raises-10m-to-democratize-tech-recruiting-300365350.html SOURCE CodeFights |