A local tech company has closed a $10 million funding round.
Joonko, a local human resource tech startup up that helps companies meet diversity recruiting quotas, has closed an investment round led by the Tel Aviv-based investment firm Vertex Ventures Israel. Joonko has a heavy presence in Israel with several employees based there, although their headquarters have been located in Birmingham since 2018.
Since Joonko moved to The Magic City, the company has seen success in securing investment funds and was recently highlighted by the BBJ as a startup that thrived during the pandemic.
“Joonko’s powerful technology is game-changing for its customers,” said Alabama Futures Fund Investment Manager Mickey Millsap. “With this new capital, led by Vertex Ventures, Joonko will have additional resources to reach a much larger audience and advance diversity, equity and inclusion initiatives for enterprises across the United States.”
The company experience 40% quarter-over-quarter growth throughout 2020, fueled in part by increased awareness around social justice issues.
According to the Alabama Future’s Fund, as public opinion is driving companies to focus more on their commitments to diversity, both consumers and executives are putting greater emphasis on increasing the representation of minorities in the workforce with companies introducing incentives for recruitment managers who hit diversity quotas.
Joonko has also managed to compile a roster of clients that includes Adidas, PayPal, American Express, Regions Bank and Intuit among other companies. The company’s applicant pool currently consists of over 100,000 pre-qualified individuals from minorities and other underrepresented groups.
“Our mission is to enable companies to make their DE&I goals a reality by delivering better representation of diverse talent,” said Ilit Raz, CEO and co-founder of Joonko. “Our automated solution helps companies attract, source and gain access to qualified, underrepresented talent. The long-term goal here is to become a go-to solution for HR departments to recruit top diverse talent along with providing the know-how and tools that empower an inclusive workplace culture."
