RippleMatch Raises $45m from Goldman Sachs Asset Management to Become the Way Gen Z Finds Work

Rhea-AI Summary

RippleMatch announced a successful $45 million Series B funding round led by Goldman Sachs Asset Management on June 8, 2022. The investment follows a year where RippleMatch expanded its user base threefold and facilitated hundreds of thousands of interviews for clients like SAP and Amazon. The platform aims to revolutionize recruitment for Gen Z by using automation to enhance candidate experience and increase diversity. RippleMatch plans to use the funds to triple placements, double its team size, and invest in new technology to support their rapid growth.

Positive

• Raised $45 million in a Series B funding round, indicating strong investor confidence.
• User base grew 3x over the past year, showcasing significant demand for the platform.
• Plans to triple job placements and double internal team size, positioning for future growth.

Negative

• None.

NEW YORK, June 8, 2022 /PRNewswire/ -- RippleMatch, the recruitment automation platform changing how Gen Z finds work, announced a $45m Series B today led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs). The heavily oversubscribed round followed a year of rapid growth in which RippleMatch grew its user base 3x and drove hundreds of thousands of interviews for customers including SAP, General Mills, and Amazon.

"We believe RippleMatch provides a leap forward in experience for both candidates and employers. We are impressed by the level of customer happiness, quality of the team and commitment to increasing access to opportunity, and we're excited to support RippleMatch in its next phase of growth," said Stephen Kerns, managing director at Goldman Sachs, who will take a board seat as part of the investment.

By investing heavily in automation and developing an innovative product suite for engaging Gen Z talent, RippleMatch has become an increasingly essential partner for employers working to build diverse, high performing teams. RippleMatch flips the traditional job board process by using matching and automation to bring opportunities directly to candidates at over 1500 schools. Candidates matched with an opportunity through RippleMatch are 22x more likely to get a first round interview than they would be with a traditional job board.

"By putting RippleMatch at the heart of everything we do, we have been able to meaningfully increase diversity, prioritize candidate experience, and have reduced the time it takes us to review applicants by 70%," said Cindy Loggins, Global Head of Early Career Recruiting at eBay.

RippleMatch plans to use the funding round to continue its rapid growth and expects to triple the number of candidates who find a job through the platform this year. They will double the size of their internal team and continue to invest heavily in developing new technology to drive value for customers and job seekers. "We are thrilled to announce this latest funding round and so grateful for the customers, job seekers, employees, and investors that have helped us reach this point. We are excited to continue on our mission to become the way Gen Z finds work." said RippleMatch cofounders Andrew Myers and Eric Ho in a joint statement.

About RippleMatch

RippleMatch is the recruitment automation platform changing how Gen Z finds work. By replacing job boards with matching and automation, RippleMatch eliminates the most time-intensive parts of the recruitment process for both employers and job seekers. Leading employers such as Amazon, eBay, and Teach For America leverage RippleMatch to build diverse, high-performing teams and Gen Z job seekers across the country trust RippleMatch to launch and grow their careers. You can learn more about RippleMatch and request a demo here.

About Goldman Sachs Asset Management Growth Equity

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world's leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Driven by a passion for our clients' performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Since 2003 the Growth Equity business within Goldman Sachs Asset Management comprising more than 75 individuals has invested over $13 billion in companies led by visionary founders and CEOs. We focus exclusively on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare. Follow us on LinkedIn.

Media Contact:
Kate Beckman
kate@ripplematch.com

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SOURCE RippleMatch

FAQ

What is the significance of RippleMatch's $45 million funding from Goldman Sachs?

The $45 million funding signifies strong investor confidence and aims to enhance RippleMatch's growth in the recruitment sector.

How did RippleMatch's user base grow before the Series B funding?

Before the Series B funding, RippleMatch's user base increased threefold due to increased demand for automated recruitment solutions.

What companies are clients of RippleMatch?

Clients of RippleMatch include major corporations such as SAP, General Mills, and Amazon.

What are the plans for RippleMatch following the Series B funding?

Following the Series B funding, RippleMatch plans to triple the number of candidates placed and double its internal team size.

How does RippleMatch improve the recruitment experience for Gen Z?

RippleMatch improves recruitment for Gen Z by using matching and automation, increasing the likelihood of interviews significantly compared to traditional job boards.