Career Karma Raises $40M, Expands to Higher Education, Enterprise
Career Karma, a startup that specializes in matching prospective students with coding bootcamps and schools, has raised a $40 million Series B funding round and will expand into higher education and the enterprise.
The San Francisco-based company provides career coaching and mentorship to more than 150,000 members, according to company statistics, and has a directory of 9,000 bootcamps and trade schools. Career Karma previously closed a $10 million Series A in 2020, and has now raised $51.9 million, according to Crunchbase.
The latest funding round was led by Top Tier Capital Partners and included participation from new and existing investors, including Google Ventures, Softbank, Emerson Collective and Y Combinator.
With 10 million open jobs in the US and more than 4 million people quitting jobs as part of the Great Resignation, there's a need for employers to accept alternative credentials and for workers to upskill into these in-demand roles, the company's founders said in a blog post.
Career Karma aims to help solve that problem with software that functions as a bridge between workers, schools and corporations. Career Karma does this through:
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- An online library of content and reskilling advice.
- Tools to help workers select the best job training program.
- Access to a marketplace of education providers.
- Community support in live audio rooms.
"The purpose of our technology is to give people a voice, the power to create and the power to organize," Career Karma CEO Ruben Harris wrote in a blog post. "Now, anybody can have that power by creating live audio rooms on the Career Karma platform."
Live audio rooms can be the "town square for all career transitioners on the internet," according to Harris, adding that they connect students and career changers to peers, coaches and mentors who can give them support in reaching career goals. Schools and companies can also interact with people in the Career Karma community who have questions about courses or jobs they are offering.
Career Karma was founded in 2018 in San Francisco by Harris and brothers Artur Meyster, the company's chief technology officer, and Timur Meyster, the chief product officer. In announcing the funding news, the founders also said they are moving to Miami to address the educational needs of its growing tech community.
"If the local people don't get the skills to take advantage of job opportunities provided by the VCs and entrepreneurs moving there, the cost of living will go up and the same gentrification situation that happened in San Francisco will happen there, too," the founders said in a blog post.