CareerArc Raises $30 Million to Fund Product Development, Sales, Marketing

Investing

CareerArc raised a $30 million growth equity round from an investor group led by PeakEquity Partners.

The company, which says it’s the only HR tech firm to offer both social recruiting and virtual outplacement solutions, helps organizations manage the hiring of new talent and moving employees out of the organization. Bookends, as it were.

Robin D. Richards, CareerArc’s CEO, said the investment should allow the company to accelerate growth, expand product offerings and strengthen its market position. The CareerArc said it has an “aggressive expansion plan” that encompasses its product development, sales and marketing efforts.

PeakEquity Partner Ric Andersen said the investor group believes CareerArc will be able to continue growing its market share. The transaction represents PeakEquity’s fifth subscription-based, recurring-revenue software investment.

In addition, PeakEquity’s D.J. Andrzejewski said CareerArc’s founders have partnered together in their last three companies and have had a 20-year working relationship.

Also included in PeakEquity’s portfolio is HCM SaaS provider Valiant Solutions. Valiant offers a suite of integrated payroll, time-management and other HR applications, and touts its ability to automate and streamline operations. The company focuses on the security and hospitality verticals, and hourly workers in general.

In June 2018, CareerArc launched CareerArc 2.0, which it called the most significant update yet made to its platform. The enhancement included both the CareerArc recruitment software suite and its candidate-facing digital products. It offered improved social media recruiting tools, added customizable templates and enhanced image a video capabilities and is tablet-compatible. It also included the CareerArc Job Map, an embeddable interface that displays open jobs in map view.

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