Doubling Down on CodeSignal So More Companies Can #GoBeyondResumes
In December of 2020, Menlo led the Series B investment in CodeSignal. Now, less than a year later, we’re doubling down in their Series C and welcoming Index Ventures to the team. We’ve been beyond impressed with co-founder and CEO Tigran Sloyan and his team’s momentum (they also just announced the launch of a new Integrated Development Environment (IDE) product that allows potential new engineering hires to experience what it’s like to code on a local machine), and we’re excited about the opportunity to continue our support.
CodeSignal helps companies #GoBeyondResumes and hire technical talent in the most efficient way possible, allowing them to cast a wider net beyond traditional pools of talent and assess candidates through an automated technical screening process, instead of screening thousands of resumes.
They’re meeting a rapidly growing need that companies large and small are facing. The Bureau of Labor Statistics projects that more than 300,000 new software engineer jobs will be added by 2029. Through its own research, CodeSignal has discovered that the best engineering talent comes from unexpected places. Tech recruiters might be surprised to learn that Miami University (which is not included in the U.S. News ranking) ranks just behind top-ranked MIT for producing the U.S.’s top coders, and that other presumed top producers of tech talent didn’t make CodeSignal’s 2021 University Ranking Report. CodeSignal is creating new opportunities for qualified but previously overlooked talent as companies look to new geographies to grow their teams. Bringing economic advancement opportunities to the world is core to the company’s mission.
Our Series C investment came out of our Inflection Fund. This fund is designed to back companies that are showing early signs of enormous potential, but have not yet hit the massive scale of runaway winners. Inflection-stage companies are at the beginning of significant growth, but they need a meaningful injection of capital to accelerate into scalable hypergrowth. At Menlo, we aim to drive this acceleration, which is why we are doubling down on CodeSignal. Beyond its rapid growth and superior founding team, CodeSignal has proven strong product-market fit and a beloved product (with customers like Facebook, Roblox, Zoom, and Robinhood). We believe the company can scale even further and progress well into the later stages of growth.