Canvas Lands $50M Series C To Become Industry Standard for Diversity Recruiting in Corporate America
At Canvas, we are on a mission to set the industry standard for increasing diversity in Corporate America - and, to address the biggest problem in recruiting today - which surprisingly, isn’t talent or opportunity, it’s data. If companies don't know who is applying and whether they are able to attract candidates from different backgrounds, how can they take action to change the status quo? You don't eliminate bias by ignoring who people are, which is what most companies are doing these days when they remove names and faces from applications. Companies will start making real progress with diversity hiring when they intentionally hire for the voices that are not represented in their teams.
Today, we’re announcing that Canvas has raised $50 million in Series C funding at a $400M valuation.
Coupled with the Series C is the launch of a new product, Canvas Diversity Analytics & Benchmarking ™, Through this raise, we’re also welcoming an experienced and connected group of investors to Canvas that includes Owl Ventures, Sequoia, Lachy Groom, HighSage Ventures, BAM Elevate, Fifth Down Capital, Contrary Capital, Asymmetric Capital Partners, and Gaingels - and many more - who share our vision of advancing diverse workforces to create more equity across every industry.
Already adopted some of the most recognized brands in the industry including Airbnb, Bloomberg, Lyft, Pinterest, Roblox – and more – are using Canvas to increase accessibility to underrepresented talent with insights based on self reported data - while creating systems of accountability that actually move the needle.
Changes in D&I Based on New SEC Disclosure Rules
Diversity and inclusion has remained a front-and-center theme in the workforce. And now, for the first time in over 30 years, the U.S. Securities and Exchange Commission modified its disclosure rules, requiring that public companies provide a far greater window into their human capital management than ever before. Previously, organizations only had to disclose their number of employees. Today, they must divulge human capital metrics considered to be material to an understanding of the company’s business, including diversity and inclusion.
Diversity Analytics & Benchmarking
Canvas’ new Diversity Analytics & Benchmarking product provides companies with detailed data insights and diversity benchmarks, so hiring teams can uncover diversity disparities, identify biases and track progress in real time. The product allows companies to get visibility into their own diversity hiring metrics relative to companies of similar industries and sizes so recruiters can now view at-a-glance how their top-of-funnel compares, grouped by ethnicity or gender from the analytics dashboard, and spot and prioritize equity efforts more confidently to achieve diversity hiring goals.
Do you want to see the latest diversity recruiting benchmarks across startups and Fortune 500 companies? Check out our 2021 Diversity Benchmarks Report to see how your organization compares.
As Canvas’ strong revenue growth trajectory continues, we plan to use the Series C to expand our product into other industries and verticals outside of technology, and address later stages of people's careers. We will also be making new R&D investments to further develop our platform’s insights and recommendation systems.
Not only is this funding an important milestone for us, but it’s also just the beginning of a larger journey of growth and innovation for us as we strive to become industry standard for diversity recruiting in the US and around the world.
Ben Herman, CEO, Canvas