Joonko, the only automated sourcing platform focused solely on underrepresented candidates, today announced $25M in Series B funding led by global software investor Insight Partners, with participation from Target Global and existing investors Kapor Capital and Vertex Ventures Israel.
The round was joined by members of Joonko’s advisory board which is composed of influential diversity and inclusion leaders also on the Joonko Advisory Board, including Bernard Coleman (Gusto), Nicole Cuellar-Lopez (Etsy), Samuel Tam (Visa), Rachel Williams (Motley Fool), Mikeaela Ann-Smith (Chainalysis) and Mercedes Chatfield-Taylor (Artico Search).
Joonko gives talent acquisition teams access to high quality candidates from underrepresented groups at scale. Through its AI-powered software and candidate ecosystem, Joonko allows companies to progress to their DE&I goals in every hiring environment. Joonko has seen remarkable growth over the past two years, with 500% growth in sales for two consecutive years. Employers like Adidas, Accenture, American Express, Crocs, PayPal, Northwestern Mutual, and Intuit rely on its automated sourcing platform.
“While many companies rely on referrals to fill open roles, the data shows this can lead to a homogeneous workforce. As a woman in tech, I saw this as a major roadblock to hiring underrepresented talent,” said llit Raz, founder & CEO, Joonko. “Joonko puts the spotlight on the overlooked – including ‘silver medalist candidates’ who made it to the final stages at top companies but didn’t get the job. By combining a world-class talent pool with AI-powered software, we’ve become a must-have recruiting tool. Today’s funding will allow us to expand access even further so we can change the makeup of companies everywhere.”
“Hiring underrepresented and diverse talent has become a priority across industries, and Joonko has created an automated platform for HR teams to easily source qualified candidates,” said Liad Agmon, Managing Director at Insight Partners. “Joonko has quickly emerged as a leader in the space, working with companies across the globe. We look forward to partnering with the Joonko team as they continue to grow and scale.”
The average business leveraging Joonko sees a 25% increase in underrepresented candidates in their hiring funnel, and hires one-in-six of the candidates sourced through the platform. Within the platform, 97% of candidates identify as underrepresented in the workforce – 68% as women or non-binary, 32% as Black, and 21% as Latinx. Companies are able to fill their most strategic roles with Joonko, as 64% of candidates are middle or senior management and 53% are in STEM.
“Over the last few years, I’ve seen many recruiting companies pivot to add DE&I to their platforms. Joonko is the first company that started with a focus on underrepresented talent to support organizations with an inclusive hiring strategy,” said Rachel Williams, Chief Diversity and Inclusion Officer at The Motley Fool. “I’m thrilled to help Joonko build additional features to ensure equitable outcomes for talented people and their future employers.”
With the funding, Joonko is looking to increase the headcount at its new US co-headquarters in New York, NY and its existing headquarters in Tel Aviv, Israel. With US-based businesses representing 100% of Joonko customers, the company is doubling down on its US presence with plans to grow headcount by 70% by the end of the year. As part of today’s news, Joonko is also welcoming Albrey Brown as General Manager of US & VP of Strategy. Albrey previously built and oversaw a variety of DE&I programs at companies like DocuSign and Pivotal Software, and most recently at Airtable, where he served as the first Head of Diversity and Inclusion.
“While there are many recruiting platforms out there, Joonko is the first and only platform that focuses exclusively on the underrepresented – putting it front and center of the product, values and mission.” said Albrey Brown, General Manager of US & VP of Strategy, Joonko. “After dedicating the majority of my career to helping companies prioritize underrepresented talent, it was immediately clear that Joonko is where I’d be able to make an impact on a much larger scale.”