Canvas, a recruiting platform that focuses on diversity hiring, closed a $50 million Series C round, giving the company a valuation of $400 million. At the same time, it launched a new product, Canvas Diversity Analytics & Benchmarking, which is designed to increase diversity in American business.
Canvas is already used by a number of employers, including Airbnb, Bloomberg, Lyft, Pinterest and Roblox. The company emphasizes the use of self-reported data as a mechanism to help businesses understand and benchmark their diversity. It also says it offers the largest-ever pool of self-reported data on candidate diversity.
“The biggest problem in recruiting right now isn’t talent or opportunity, it’s data,” said CEO Ben Herman. Noting that most diversity programs don’t actually increase diversity, he said Canvas wants to change that by “improving accessibility to the best underrepresented talent with insights based on self-reported data, while creating systems of accountability that actually move the needle.”
Diversity Capabilities
Diversity Analytics & Benchmarking provides companies with data insights and diversity benchmarks. That helps talent acquisition uncover disparities, identify biases and track their progress in real time. In addition, the product allows businesses to review their own diversity hiring metrics against companies of similar industries and size.
Canvas plans to use the Series C funding to expand its reach into industries and verticals outside of technology, and address issues related to the later stages of workers’ careers. The company will also make new R&D investments to advance its insights and recommendation systems.
Canvas was founded in 2017 as Jumpstart, which focused on helping diverse interns and new graduates find jobs in technology. Over time, the company expanded its vision to help users throughout their careers.
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