RiseKit, a Chicago, Illinois-based startup focused on changing the ways companies source untapped and diverse talent, announced that it raised $4.75 million in funding.
The investors in the round include Muditā VP, Stand Together Ventures Lab, Sylvie Légère, Steve Sarowitz, Thad Wong, Tom Gimbel, Ryan Daube, Scott Kallick, Verte Opportunity Zone Fund, and Prota Ventures.
With this funding, RiseKit plans to build behavioral and skills-based machine learning models to personalize a jobseeker's journey to gaining meaningful and financially impactful employment while reducing the time and cost of sourcing talent for employers.
RiseKit will also expand its board of directors and collaborate with channel partners. Through strategic partnerships with like-minded organizations, the company can harness expertise and resources to deliver more value, thereby having a greater impact on society.
"We must include untapped, under-represented, diverse, and overlooked talent in our workforce to help people overcome poverty. But it's costly for companies to do that since 100 million people don't use LinkedIn or Indeed but instead utilize community organizations to gain employment," said Matt Strauss, CEO of RiseKit. "We've found that corporations can only partner with five to 50 community organizations, while there are over 200,000 that they can source from in the US," he continued.
While seeking societal change, RiseKit is also paving the way to creating a Workforce Operating System to better coordinate efforts, improve the efficacy of employment and optimize the feedback loop.
By integrating RiseKit's software with existing applicant tracking systems (ATSs), government agencies, employment service providers, and employers can track candidates throughout the hiring process, view shared status updates, and access in-app messaging.
The company aims to empower marginalized communities—such as veterans, the homeless, ex-offenders, primary caregivers, refugees, and immigrants—to access job opportunities and resources that can help overcome employment barriers.
Company: RiseKit, Inc.
Funding Month: March 2023
Lead Investors: Muditā VP, Stand Together Ventures Lab, Sylvie Légère, Steve Sarowitz, Thad Wong, Tom Gimbel, Ryan Daube, Scott Kallick, Verte Opportunity Zone Fund, and Prota Ventures
Company Website: https://www.risekit.co/
Software Category: Community Recruitment
About the Company: RiseKit is a SaaS company reimagining workforce development through technology. Its software connects unemployed and underemployed individuals from underserved communities with jobs, training programs, and supportive services to rise above any barriers to employment they may have. RiseKit also helps nonprofits, employers, government systems, and community foundations save time supporting job candidates, measuring outcomes, and efficiently impacting the communities they serve. RiseKit’s mission is to make it easier for job seekers from underserved communities to find and stay on a fulfilling career pathway.