Truework, which provides software to run employment and income background checks, secured the return of Sequoia Capital and Khosla Ventures to bring its total to $45m.
Truework, a US-based background check software developer backed by Stanford University, has closed a $30m series B round led by growth equity firm Activant Capital.
Activant was joined by venture capital firms Sequoia Capital and Khosla Ventures as well as assorted angel investors including Jeff Weiner, Tom Gonser and William Hockey.
Founded in 2017, Truework offers a software platform for fulfilling background checks run by third-parties such as lenders and landlords looking to verify an individual’s employment status and earnings.
The app contacts the individual to notify them of checks being solicited before providing corresponding data from their employer once the request has been approved.
Truework’s system is used by more than 40,000 lenders and background check companies, in addition to more than 20,000 employers. Aside from income checks, the business also offers software to help human resources teams monitor coronavirus-related data on employees.
Steve Sarracino, partner at Activant Capital, has joined the board of directors in connection with the series B round, which brought Truework’s funding total to $45m, it said.
Truework last raised $12m in a July 2019 series A round led by Sequoia Capital that featured Stanford University as well as Khosla Ventures, Menlo Ventures and Founder Collective.
Keith Rabois, then managing director of Khosla Ventures, had led the company’s $2.9m seed round in April 2018 with contributions from Founder Collective, Menlo Ventures and Tuesday Capital (then known as Crunchfund).
