Total amount raised
$87.5 Millions
Latest funding date
09/01/2021
Location
Title
CodeSignal has successfully raised $87.5 million over four funding rounds, with the latest being a Series C in September 2021. The platform offers AI-native hiring and learning solutions, trusted by leading companies like Netflix, Capital One, Meta, and Dropbox.
Keep reading to explore the intricacies of CodeSignal's fundraising journey and the investors backing this innovative platform.
What Is CodeSignal?
Founded in 2014, CodeSignal is based in San Francisco and specializes in AI-native skills assessments and learning tools. The company was co-founded by Tigran Sloyan, who serves as CEO, and Sophia Baik, the VP of Operations.
CodeSignal's platform offers a range of solutions, including skills assessments, live tech interviews, and AI-driven interviewing. It caters to various needs such as tech hiring, business hiring, university recruiting, and upskilling/reskilling.
With a team of 51-200 employees, CodeSignal is dedicated to helping organizations hire and train talent efficiently. The platform is trusted by leading companies like Netflix, Capital One, Meta, and Dropbox.
How Much Funding Has CodeSignal Raised?
- Seed Funding Round
- Amount Raised: $2.4 million
- Date: April 2015
- Lead Investors: Felicis Ventures, Sutter Hill Ventures, Adam D’Angelo, Auren Hoffman, Tom Fallows, Raffi Krikorian
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the platform, expand content, and introduce new challenges.
- Series A Funding Round
- Amount Raised: $10 million
- Date: November 2016
- Lead Investors: e.ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the team and develop new educational tools.
- Series B Funding Round
- Amount Raised: $25 million
- Date: December 2020
- Lead Investors: Menlo Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the go-to-market team and triple the employee count by the end of 2021.
- Series C Funding Round
- Amount Raised: $50 million
- Date: September 2021
- Lead Investors: Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To offer new features, launch an Integrated Development Environment, and expand into new use cases for skills assessment.
Total Amount Raised: $87.4 million. Current Valuation: Not publicly disclosed.
Key Investors
- Index Ventures
- Details: Index Ventures is a global venture capital firm that invests in technology companies. Nina Achadjian, a partner at Index Ventures, has a long-standing relationship with CodeSignal's CEO, Tigran Sloyan.
- Investment Focus Areas: Technology, growth-stage companies, innovative solutions.
- Notable Investments: Dropbox, Slack, Robinhood.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that invests in early-stage and growth-stage companies. They led CodeSignal's Series B round and participated in the Series C round.
- Investment Focus Areas: Technology, consumer services, healthcare.
- Notable Investments: Uber, Roku, Warby Parker.
- Felicis Ventures
- Details: Felicis Ventures is a venture capital firm that focuses on early-stage technology companies. They participated in CodeSignal's seed funding round.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Shopify, Fitbit, Adyen.
- Capital One Ventures
- Details: Capital One Ventures is the venture capital arm of Capital One. They participated in CodeSignal's Series B round.
- Investment Focus Areas: Fintech, technology, data analytics.
- Notable Investments: Snowflake, Plaid.
- e.ventures
- Details: e.ventures is a venture capital firm that invests in early-stage technology companies. They led CodeSignal's Series A round.
- Investment Focus Areas: Technology, digital media, consumer internet.
- Notable Investments: Groupon, Sonos, NGINX.
What's Next for CodeSignal?
CodeSignal stands at the cusp of significant growth opportunities. With the global talent labor shortage projected to reach over 85 million by 2030, the demand for effective hiring solutions is critical. The company can leverage its recent funding to enhance its platform, particularly its Integrated Development Environment (IDE), and expand into non-traditional sectors like banking and insurance. This expansion could open new avenues for growth, making CodeSignal a key player in the tech hiring landscape.
Future fundraising opportunities appear promising, especially given the company's strong financial position and successful Series C round. However, challenges such as competition from other technical assessment platforms and the need to maintain high-quality assessments as they scale could pose hurdles. Continuous innovation and relevance across various industries will be essential for CodeSignal to sustain its growth trajectory.
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