Globally popular coding platform, Hacker Rank has recently raised funding worth $60 Million in a series D funding round. The major round was led by Susquehanna Growth Equity as the prime investor along with Khosla Ventures, JMI, Recruit holdings, and Randstad Innovation fund as other investors in the recently raised funding round. Hacker rank is famous for upgrading the skills of students as well as making the recruiting process easy for recruiters. The company’s valuation has reached a mark of $500 Million after the investment. The total investment, the company has received to date is $115 Million. As per hacker rank $60m series susquehannalundentechcrunch
About Hacker rank
Hacker rank was founded in 2012 by Vivek Ravishankar and Hari Karunanidhi, two Indian alumni with the plan to increase the efficiency of the hiring process for companies. They thought about this for the very first time in 2009 and started building their start-up to overcome the shortcomings. Hacker rank is used by companies to remotely test the skills of developers and hire them. Developers use the platform to upgrade their hands-on skills by coding on the platform. For the last two years i.e. after the pandemic happened, remote hiring is widely used.
Companies tend to hire remotely and the platform works great in the same. Hacker rank provides the facility of coding assessments and questions in multiple programming languages so that companies can access job-seeker’s skills. At the time of its foundation, remote hiring was not much into the scope, but there were still companies and people who used the remote.
The company’s headquarters are established in Mountain View, United States of America. Another feature, the application provides is Coding Hackathons, which the programmer can give according to eligibility. Companies who want to recruit candidates through hacker rank to use its category known as “Hacker Rank for Work”. Start-ups, as well as global Multinational Companies including Google, Amazon, Goldman Sachs, and many more, use Hacker rank for recruiting candidates.
Hacker rank has a wide base of more than 2500 recruiting companies on its platform. It also has companies among the top 100 Fortune companies in the world. The top competitors of Hacker rank are Hacker Earth, Code Forces, Code Chef, Code wars, etc.
Hacker Rank Chief Executive officer, Vivek Ravishankar said that looking at the current scenario, the hiring process has changed and nowadays, companies are hiring candidates with more talent than before. He even compared the remote process with offline and said that earlier it was only about 10-15 On-campus visits but as the process turned online gradually, they can access the candidates from more than five hundred campuses remotely.
The competitiveness has overall increased and Hacker rank is playing a major role in providing recruiting solutions. Vivek Ravishankar termed Hacker rank as a “Hardcore recruiting company”.
The recently raised funding will be used by the company to expand the technical domains on the platform for recruiting as well as skill – development in other technologies and domains such as Testing, Artificial Intelligence, Machine Learning, Software design, etc.
The process of skill development will be improved and upgraded. The company will increase its market base globally for expanding its operations. Overall the funding will be helpful for the smooth recruiting of candidates and for the developers to enhance their expertise. The recently raised funding has contributed majorly to the overall investment round raised by Hacker rank till now. As per hacker rank $60m series susquehannalundentechcrunch
Coming to the investors in this deal, Susquehanna Growth Equity is the chief investor. Susquehanna Growth Equity is an equity-based investment firm founded in 2006 with its headquarters in Bala Cynwyd, United States of America.
The company majorly deals in IT-based funding rounds. Martin Angert, managing director of Susquehanna Growth Equity expressed his views on Hacker rank saying that Hacker rank has built its name as a popular platform for skills-based recruitment. As per hacker rank $60m series susquehannalundentechcrunch
The company is doing great in remote hiring. He also said that companies across the world are struggling to keep up with recruitment in this competitive market. Other investors include Khosla Ventures, JMI, Randstad Innovation fund, and Recruit holdings.
Khosla Ventures was founded in 2004 as a venture capital-based investment company established in America. Randstad Innovation fund is an investment subsidiary of Randstad, which is a capital funding firm founded in 2014. Randstad Innovation fund is a venture capital-based company. Recruit Holdings is a Japan-based company that majorly deals in Human resource services, founded in 1960. As per hacker rank $60m series susquehannalundentechcrunch
Talking about the other recently raised funding rounds of Hacker rank, Japan-based Recruit Holdings provided funding of $7.5 Million to Hacker Rank. The company raised funding of $4.3 Million in a series B funding round on 9 September 2016. On 12 February 2018, a series C investment round of $30 Million was primarily led by JMI with some other backup investors. hacker rank $60m series susquehannalundentechcrunch
Hacker rank has eased the recruiting process in the growing and competitive world of recruiting. After the pandemic, the recruitment process has switched majorly to the online platform, and Hacker rank played a major role in the same. The latest raised funding round will help boost the overall efficiency of the process.