SAN FRANCISCO and WARSAW, Poland and LONDON, Jan. 30, 2020 /PRNewswire/ -- Codility, a platform that enables companies to build better engineering teams, announced today a $22 million Series A funding round led by Oxx and Kennet Partners. Today's investment brings an end to Codility's 10-year streak of being bootstrapped to double-digit annual recurring revenue.
The capital will be used to fuel Codility's growing footprint in helping expand engineering teams at high-growth companies including Microsoft, Tesla, Slack, Rakuten, American Express, and UnitedHealth Group. In 2019, Codility helped 1,500 customers evaluate over 455,000 developers, with this number growing by 54% year-over-year.
"Across all industries, companies need to rapidly scale their engineering teams in order to drive company growth," said Natalia Panowicz, CEO of Codility. "This makes expanding engineering capacity a strategic imperative. The biggest bottleneck to achieving this lies in efficiently hiring great engineers without slowing down engineering delivery. This is where Codility comes in. Teams who implement Codility scale faster by focusing on solving problems and shipping code, rather than wasting time on inefficient hiring processes."
The current hiring ecosystem requires companies to curate relevant candidate experiences which mimic a day in the life of an engineer. This can be challenging for companies that rely on contingency recruitment because there's no safeguard to reduce risk and ensure high-quality hires. Codility's assessment engine is on a mission to provide a 360-degree evaluation of technical ability, helping hiring managers predict candidate potential to the scope of the role. This also supports efforts to build more diverse teams by providing customizable workflows which protect processes from subconscious bias.
The Codility platform:
- CodeCheck gives recruiters a powerful way to accurately screen the real-life technical skills of candidates across a broad range of roles and technologies.
- CodeLive provides a shared editor for live technical interviews. Candidates can demonstrate their skills while the interviewer can see how they work in real-time.
- CodeChallenges are online coding competitions used to ignite and convert passive job hunters into candidates.
- Codility can also improve onboard and upskill developers, closing skills gaps within existing or outsourced development teams.
Customer and Investor Quotes:
"Okta's trajectory from a funded startup to a publicly traded company with customers around the globe translates to massive growth in our engineering organization," said Brett Coin, Vice President of Talent Acquisition at Okta. "Identifying and hiring top developers is paramount as technical hiring is one of the most competitive recruitment landscapes with a unique set of challenges. Codility provides a solution that enables our engineers to save time in the developer screening process while still increasing the number of strong candidates for each position."
"Okta builds software that helps global businesses operate securely and with integrity, so it is crucial that we identify and hire talented developers, with both the right skills and an aptitude to grow," said Vicky Xiong, Senior Director of Engineering at Okta. "Codility is a great solution for hiring teams based on the needs of quality high-volume hiring; such as consistency, standardization, and scalability. Codility also enables Okta to create a great candidate experience, which is core to our values as a company."
Richard Anton, General Partner at Oxx said: "Codility and its founders have already built a terrific business independently. It's a testament to their foresight, skill, and determination that Codility is well-known and respected in its area. We are honored that they have chosen Oxx to support them in building the company that will define how world leading organizations can best assess and develop the technical skills which are now mission critical everywhere."
Hillel Zidel, a Managing Director at Kennet Partners who will join the board as part of the investment, said: "We have been hugely impressed with Codility. It is clear to see the value that Codility can bring to hiring managers and tech recruiters who are looking to hire top talent more efficiently and at scale. We look forward to working with the Codility team and helping fuel the continued global growth."
About Codility:
Codility is the industry leader in technical skills assessment for hiring the world's top engineering talent. We leverage data-driven insights and machine-learning to assess and optimize technical skills, expanding our customers' engineering capacity. Since its inception in 2009, Codility has facilitated over ten million recruitment assessments worldwide, in various industries.
About Oxx:
Oxx is a focused B2B software investor, partnering with the most promising European SaaS scale-ups from series A and beyond. The venture capital fund invests broadly across software applications and infrastructure, with a particular interest in five key themes: data convergence & refinery, future of work, financial services infrastructure, user empowerment, and sustainable business. Headquartered in London and Stockholm, Oxx was founded by Richard Anton and Mikael Johnsson in 2017. Both Anton and Johnsson were formerly partners at Amadeus Capital before founding Oxx.
About Kennet Partners:
Established in 1997, Kennet is a growth equity investor that invests in bootstrapped, fast-growing companies providing information technology products and business services that leverage technology. Kennet currently has over $700 million under management and has offices in London, Frankfurt, and Silicon Valley.
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