Handshake, the recruiting platform used by Penn and more than 700 other colleges and universities, recently raised a crucial $40 million in funding.
The company achieved this financial milestone in a "Series C" round of funding where they partnered with European venture capital firm EQ Ventures, TechCrunch reported. The total, which was achieved through the help of social impact groups including the Chan Zuckerberg Initiative, will be used to help expand Handshake’s reach into the European market.
Series C is often the last round of funding for startups, and according to Investopedia, generally indicates a company’s success. In Handshake’s case, the $40 million has boosted the company’s valuation to a reported $275 million, PitchBook reported. Two years ago, the company was valued at $108 million during the Series B stage.
Handshake was launched in June 2014 by three Michigan Tech students, who, according to the company’s website, were “struck by the inequality in access to opportunities” during their job searches. The startup has since gained 14 million users nationwide, and united more than 700 American colleges and universities with 300,000 companies.
Penn Career Services announced in June 2017 that the University would be launching a partnership with the platform. The software mimics that of LinkedIn, allowing Penn students to upload their resumes, career interests, and interact with potential employers. Although it has 562 million users, LinkedIn has traditionally failed to engage younger job-seekers.