Why We Invested in KarmaCheck
By: Travis Skelly, Partner at Pruven Capital & Ava Chang, Investor at Pruven Capital
Pruven Capital is thrilled to announce our investment in KarmaCheck’s $45M Series B. During the past year, KarmaCheck has achieved significant milestones, including completing millions of screens and achieving over 600% revenue growth. We are incredibly excited to partner with KarmaCheck as they embark on their next phase of growth.
Here are a few reasons why we are so enthusiastic about the Company.
Transforming Background Checks in Critical Industries
In heavily regulated sectors such as healthcare, a seamless and rapid background check and credentialing process is essential for swiftly onboarding new staff. Traditional players often fall short, providing slow, incomplete, and manual services that negatively impact both employers and candidates. KarmaCheck, however, offers an AI-driven, automated, and comprehensive solution. Their platform is three times faster than competitors, more cost-effective, and delivers an outstanding user experience.
Strong Growth Prospects in Healthcare as Entry Market
KarmaCheck’s success in healthcare is supported by strong industry tailwinds. The sector is experiencing faster-than-average employment growth due to factors such as an aging population, increasing chronic diseases, burnout among healthcare professionals, and a shift towards flexible work preferences post-COVID-19. According to the Bureau of Labor Statistics (BLS), there are currently 21.7 million workers in healthcare, making up 14% of the U.S. workforce, with projections indicating continued rapid growth and substantial job creation.
Healthcare is expected to account for 45% of all newly created jobs by 2032, with a potential shortage of up to 139,000 physicians by 2034. The home healthcare market alone is projected to grow by 34% from 2019 to 2029. KarmaCheck’s fast, easy, and comprehensive solution is thus crucial for meeting these expanding demands.
Exceptional Leadership with Deep Industry Expertise
KarmaCheck was founded by Eric Ly, a co-founder of LinkedIn, who has dedicated over two decades to bridging the gap between talent and professional opportunities. His vision and expertise led to the creation of KarmaCheck in 2019. The team’s collective experience and the support of 120 highly skilled software engineers, sales and marketing professionals, and operations experts form a robust foundation for rapid growth.
We look forward to helping KarmaCheck build the future of background checks and credentialing!
Sources:
https://www.purdueglobal.edu/blog/health-sciences/growing-health-care-workforce/
