HackerEarth, an online skill assessment tool and technical talent management platform for developers and organizations, has today announced that it has secured $4.5 million in its Series A round of funding, led by DHI Group Inc.
Along with DHI Group — the owner of U.S-based career website Dice, Singapore-based early-stage venture fund BEENEXT, startup platform BEENOS, online marketing firm Digital Garage, and BizReach have also participated in this round. The company’s existing investor Prime Venture Partners has also pumped in money.
The startup is now planning to use the money to strengthen its product team and expand its business internationally. It also plans to use the capital to grow in the space of innovation management. Sachin Gupta, CEO at HackerEarth, said,
We have seen rapid growth in the last four years and this fresh capital infusion will help us further accelerate, particularly in the international markets.
We always had a global aspiration. We have 15% of our business coming from outside India, largely the US and then Europe and South East Asia. But, we do understand that beyond a certain point, distribution is a challenge for a start-up. Dice brings us that reach.
Commenting on the investment, Teruhide Sato, Founder and Managing Partner of BEENEXT, said,
What I value most about HackerEarth is its great founders with their ambitious vision and passion in this space. As both of the co-founders are themselves engineers, they understand what drives an engineer. We value their platform approach by creating a unique community for both developers and businesses to solve the problems of driving innovation and talent management.
HackerEarth, founded in 2012 by Vivek Prakash and Sachin Gupta, provides technical recruitment solutions for talent sourcing and skill assessment. It allows recruiters to quickly identify and hire the right candidate from its thriving community of developers.
The platform has already expanded its presence to African and South American markets including Kenya, Nigeria, Mexico, Brazil, Bolivia, and Venezuela. The startup, which is based out of California and Bangalore, had secured $500,000 from startup incubator AngelPrime and GSF Accelerator in 2014.
This new funding comes at a time when the company is gradually moving away from talent sourcing and is re-modelling itself as an innovation management firm. It charges the clients an annual subscription fee of $5,000 – 30,000 for Recruit and about $30,000-50,000 for Sprint. Recruit and Sprint are the company’s products.
HackerEarth is currently clocking about $350,000 in monthly revenue, which is expected to shoot up by at least 75% in the next 12 months, said Sachin Gupta. The company counts Honeywell, Pitney Bowes, Wipro, Walmart Labs, and Intuit among its over 350 clients.
