An Edina-based startup dedicated to safe hiring and onboarding raised $12 million in a recent funding around.
Yardstik made the announcement this week, noting that the round was led by MissionOG with participation from existing investors Grotech Ventures, Rally Ventures and Crosslink Capital.
It comes after a year of solid growth. The company’s revenue grew five-fold last year with a 300% growth in its customer base. Right now it has $5 million in contracted annual recurring revenue with the hopes to end the year with $7 million ARR.
CEO and Founder Matt Meents said the plan for the funds is to double down on the platform. “It’s going to allow us to make more investments in the products; hire sales, product engineering roles. And overall, just grow,” Meents said. The company is also looking to hire for marketing, legal and technology roles.
The platform helps in the hiring process, which Meents said can be “really challenging” for remote work and gig workers.
Yardstik brings processes together to credential workers in those realms, which can usually be siloed throughout the process. It includes things like identity verification, criminal records, motor vehicle records, social media, license verification, fraud detection and ongoing monitoring.
"The way businesses and people work together is evolving rapidly. Existing tools businesses utilize are outdated, siloed, and hard to implement,” George Krautzel, Managing Partner at MissionOG, said in an announcement of the funds. He said Yardstik’s customers can better focus on ever-increasing demands of their markets.
The company has raised $24 million across three funding rounds, according to Crunchbase data. The Business Journal has also recognized it as a Best Places to Work award winner three times, which Yardstik leadership credited with an emphasis on flexibility, intentional hiring, employee engagement and open communication.
Yardstik Detect is on the horizon, too, as a fraud detection platform.
Meents said things are “rockin’” for the company. “Our team is just firing on all cylinders. We've got the flywheel going,” he said\
