Yardstik Secures $12M Raise
Edina-based employment screening tech startup Yardstik announced last week it raised $12 million.
The company plans to use the funds to bring its screening, verification, and onboarding tools to more businesses, Yardstik officials said in a news release. The raise is part of an expansion round led by Philadelphia-based MissionOG with participation from existing investors Grotech Ventures, Rally Ventures, and Crosslink Capital.
The raise comes after 300% year-over-year growth in its customer base, according to the release. A few companies included in this customer base include Dispatch, Skipcart, Tend, Bellhop, and Sylvan Learning Centers, a company spokesperson said in an email to TCB.
Yardstik’s “Trust & Safety Platform” is designed to help high-volume hiring businesses, software-as-a-service providers, and gig marketplaces hire “large volumes of people living in many different places quickly and at scale,” according to the company.
“Trust and safety is a growing problem for every business, but especially for those navigating the new world of remote work, 1099 contractors, and the gig economy,” Yardstik CEO and founder Matt Meents said in the news release. “The team at MissionOG has deep operational experience and knows exactly what a company at our stage of growth needs. We’re looking forward to working with them to bring our platform to more people.”
In the coming months, Yardstik will introduce additional products and services within the Trust & Safety Platform. The company also plans to “significantly” increase its team, adding members to fill open roles in engineering, sales, marketing, legal, and technology.
The current raise brings the company to a total of $24 million raised since it was founded in 2021. In February 2022, the company reported a $8 million raise.
“The way businesses and people work together is evolving rapidly. Existing tools businesses utilize are outdated, siloed, and hard to implement, ” managing partner at MissionOG George Krautzel said in the news release. “By removing the trust and safety challenges associated with onboarding and monitoring workers, Yardstik’s customers can better focus on meeting the ever-increasing demands of their markets.”
