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Background check platform Checkr, previously valued at $5 billion, cuts 32% of its workforce

TechBrunchBy TechBrunchApril 10, 20242 Mins Read
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Checker, a 10-year-old startup that provides background checks for employees, was valued at $5 billion as of April 2022, but has lost 382 employees as companies hire significantly less. I was fired.

TechCrunch has exclusively learned that Checkr implemented layoffs across all departments and at various levels on Tuesday. The San Francisco-based startup confirmed the layoffs in an email.

“In response to economic conditions impacting corporate employment, we have made the difficult and difficult decision to reduce the size of our team. to ensure the long-term health of their businesses,” a Checkr spokesperson said in a statement.

The layoffs, which affected 32% of the company's workforce, come nearly two years after Checkr announced its acquisition of Inflection, the startup behind GoodHire, a background check platform for small businesses. At the time, the Wall Street Journal reported that the deal was worth $400 million.

Backed by prominent investors including Durable Capital Partners, Fidelity Management & Research, Franklin Templeton, BOND, and Coatue Management, Checkr allows companies to check potential employees' driving and criminal backgrounds, You can perform a background check by looking up background checks. The startup offers an online form that allows companies to perform these checks and use its API, which can be integrated into recruitment systems and onboarding software such as Workable and Zenefits.

Founded in 2014, Checkr counts Uber, Instacart, Netflix, Adecco, Airbnb, and Coinbase among its major customers. The company's customer base has grown to more than tens of thousands of companies in 2022, ranging from small businesses to Fortune 500 employers. Initially, the startup was limited to Silicon Valley, but in 2016 it expanded its presence beyond Silicon Valley.

Checker has provided affected employees with at least 10 weeks of severance and health insurance, as well as career and mental health support, a spokesperson said.

The company did not respond to questions about its runway or financing plans. It has raised $679 million to date, with the final round of $250 million announced in September 2021.



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