Karat co-founders Mo Bhende (left) and Jeff Spector. The news: Karat, a Seattle-based startup that helps companies conduct technical interviews, raised a $110 million Series C round at a $1.1 billion valuation. It’s the latest Seattle tech company to reach a $1 billion valuation, or “unicorn” status, following Amperity, Highspot, Zenoti, and Rec Room. The tech: The startup uses a network of vetted interviewers who run the interviews via video conference, using a question format and scoring rubric based on research and analysis done by Karat. The companies receive feedback on the top qualified applicants, based on Karat’s diligence, as well as insights about their hiring process. The idea is to help companies screen more candidates while freeing up their own employees from interviewing responsibilities, amid an ongoing battle for tech talent. The metrics: Karat is more than doubling revenue and the number of customers year-over-year. It has eight companies spending more than $1 million per year. The startup has capacity to conduct 50,000 interview hours per month. The take: Karat is riding multiple tailwinds, including some driven by the pandemic: It makes money from subscriptions and on total consumption. RIA financier Focus Financial Partners participated in that funding round, among other firms. The “Great Resignation” - more people are quitting their jobs than ever.The increased attention on diversity with hiring - Karat says it removes bias from interviews, for example.The acceleration of digital transformation - “every company is hiring software engineers,” Bhende noted.The shift to remote work - companies are hiring in more places, beyond their physical offices. SmartAsset most recently raised money in 2018, when it brought in 28m through a Series C funding round. That means companies need to replace more roles. And they don’t want their current employees to spend time interviewing, Bhende said.

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