Canvas, a San Francisco, CA-based diversity recruitment platform, raised $50m in Series C funding, bringing its valuation to $400m.
The round was led by Owl Ventures, with participation from Sequoia, Lachy Groom, Zoom Apps Fund, HighSage Ventures, BAM Elevate and Fifth Down Capital.
The company intends to use the funds to:
- expand its product into other industries and verticals outside of technology, and
- make new R&D investments to further develop the platform’s insights and recommendation systems.
Led by Ben Herman, CEO, Canvas is a Diversity Recruitment Platform (DRP) to hire diverse teams. Companies like Lyft, Headspace, Airbnb & Dropbox use Canvas to understand the diversity of their recruiting pipeline, source underrepresented talent, run engaging virtual events, enhance employer brand, and measure the ROI of their diversity recruiting initiatives.
Coupled with the Series C is the launch of a new product, Canvas Diversity Analytics & Benchmarking™, already allows companies including Airbnb, Bloomberg, Lyft, Pinterest, Roblox, and more to access detailed data insights and diversity benchmarks, so hiring teams can uncover diversity disparities, identify biases and track progress in real time. Additionally, the product allows companies to get visibility into their own diversity hiring metrics relative to companies of similar industries and sizes. Recruiters can now view at-a-glance how their top-of-funnel compares, grouped by ethnicity or gender from the analytics dashboard, and spot and prioritize equity efforts more confidently to achieve diversity hiring goals.