Checkr Reaches $4.6 Billion Valuation With New Funding Round

(Bloomberg) -- Checkr, a technology platform for employment background checks, has raised $250 million in a financing round that more than doubles its valuation from earlier this year.

The San Francisco-based company is valued at $4.6 billion with the new funding, according to a statement. The company said previously that it was valued at $2.2 billion.

Durable Capital led the round, with new investors Fidelity Management & Research Co. and Franklin Templeton, according to the statement. All major current investors participated in the round, including BOND Capital, Khosla Ventures, IVP, T. Rowe Price, Coatue, Accel and Y Combinator.

Checkr, which performs 30 million background checks a year for companies such as Uber Technologies Inc., has revenue well above $200 million and became profitable this year for the first time, Chief Executive Officer Daniel Yanisse said in an interview.

As more companies adopt flexible working schedules, recruiting has also gone remote and Checkr has focused on digital hiring, Yanisse said.

“My vision for the future, over next five to 10 years, is really to continue to build more infrastructure for hiring in the future of work,” he said.

An initial public offering is a potential “next milestone” for the company, he said, declining to comment on any details.

The company will focus on expanding its product offerings and could selectively pursue acquisitions, he added.

Checkr’s platform allows employers to vet prospective hires or partners based on criminal records checks, drug screenings and education verification, according to its website.

Founded in 2014, Checkr said its customers include Lyft Inc., Instacart Inc., Netflix Inc., Airbnb Inc. and Coinbase Global Inc.

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