SAN FRANCISCO, September 14, 2021 /PRNewswire/ — Cloth, the world’s leading diversity recruitment platform™, today announced a Series C of $50 million directed by Owl Ventures, with participation from Sequoia, Lachy Groom, Zoom Apps Fund, HighSage Ventures, BAM Elevate and Fifth Down Capital. Coupled with the C series is the launch of a new product, Cloth Diversity analysis and benchmarking ™, which will set the industry standard for increasing diversity in American companies. Already adopted by leading companies like Airbnb, Bloomberg, Lyft, Pinterest, Roblox, and more, Canvas offers a differentiated approach to understanding, benchmarking, and scaling workplace diversity through access to the most large pool of data on the diversity of self-declared candidates.
Estimated at $400 million, Canvas is leading the way in a new recruiting industry category that helps companies act on their diversity goals by using candidates’ self-reported data to identify talent, rather than inferred data that could be inaccurate or illegal.
“The biggest recruiting issue right now isn’t talent or opportunity, it’s data,” said Ben Hermann, CEO of Canvas. “Every company may have good intentions to lead diversity initiatives, but Studies show that most diversity programs do not increase diversity. We want to change that for businesses by improving accessibility to underrepresented top talent with insights based on self-reported data – while creating accountability systems that really move the needle.”
Diversity and inclusion remained a central theme within the workforce. And now, for the first time in more than 30 years, the United States Securities and Exchange Commission amended its disclosure rules, requiring public companies to provide a greater window into their human capital management than ever before. Previously, organizations only had to disclose their number of employees. Today, they must disclose the human capital metrics considered essential to understanding business activity, including diversity and inclusion.
“Canvas provides the best recruiting tools that will revolutionize the way companies hire exceptional and diverse talent. We believe self-reported data is the new benchmark in modern recruiting and Canvas is poised to take the lead in this category. We are incredibly impressed with the passion and dedication of Canvas’ leadership team and look forward to supporting them as they become the industry standard for diversity recruiting in the US and around the world. world,” said jenny wang, Investor at Owl Ventures.
Canvas’ new Diversity Analytics & Benchmarking product provides companies with detailed data insights and diversity benchmarks, so recruiting teams can uncover diversity disparities, identify biases and track progress in real time. Additionally, the product allows companies to have visibility into their own diversity hiring metrics against companies in similar industries and sizes. Recruiters can now see at a glance how their top of funnel compares, grouped by ethnicity or gender from the analytics dashboard, and spot and prioritize equity efforts with more trusted to achieve diversity hiring goals.
With 3x revenue growth per year, Canvas plans to use the C-Series product to expand its product into other industries and verticals outside of technology, and address the later stages of people’s careers. . The company will also make new investments in R&D to further develop the information and recommendation systems of the Canvas platform.
Cloth is the first diversity recruitment platform (DRP). It’s the new way to hire diverse teams with confidence and gain full transparency on candidate diversity in your hiring process. Companies like Lyft, Headspace, Airbnb, and Dropbox use Canvas to understand the diversity of their recruiting pipeline, find underrepresented talent, host engaging virtual events, improve employer branding, and measure the ROI of their recruiting initiatives. diversified.