We’re excited to announce we’ve raised a $35 million Series B led by Ali Rowghani, CEO of YC Continuity. Also joining in the round are Founders Fund, led by Brian Singerman, and our existing investors Caffeinated Capital and Initialized Capital. Ali will join Ammon, Guillaume, Garry Tan and myself on the board.
We raised the round so we can grow faster. That’s probably self-evident and what every startup says when they raise investor money. In our case we didn’t actually need to raise the investment. Triplebyte has always generated revenue from the start and we could have focused on just growing revenue faster than expenses. This path leads to greater profitability over time and means you’re not dependent on investor opinions for survival. Fundraising is a painful process at the best of times and there are many reasons why it’s preferable to avoid that stress.
We decided to do it for two reasons. First as founders, Ammon, Guillaume and I are optimizing for Triplebyte to become a public company and it’s very hard to reach that scale without raising significant amounts of investment along the way. We want to reach that scale because we believe Triplebyte is fundamentally good for the world and the product itself becomes better at scale. The more engineers using Triplebyte, the more skills data we collect and the more accurately we can match engineers to companies. The better our accuracy the stronger the reason is for every company to use Triplebyte and the faster we can achieve our mission of having every engineer in the world be judged on their skills, not just their background.
Second we have specific ideas for projects to work on that are high impact but might take a longer time to generate revenue. Today Triplebyte mostly helps you get a job quickly once you’ve decided to find one. We think there’s more to do than only helping you get a job once you’re looking though. Engineers are driven by self-actualization and we have ideas for products to give you more insight into your skills and how best to improve them over time. It’s hard to get good quality feedback and direction on how to improve as an engineer and have that trajectory be valued by employers. We are in a great place to change that.
We also have ideas for new tools to help companies hire more engineers. As every company becomes a software company the demand for software engineers is higher than ever. This demand can’t be met by relying only on traditional resume credentials. There just aren’t enough Ivy league graduates to go round and those colleges won’t be scaling their class sizes to meet the demand. That’s not their business. What’s needed is a new credential that companies can use to identify great technical talent from anywhere. That’s what Triplebyte is building and we view our goal as providing important and accurate skills data to companies for every engineer they hire.
It’s especially meaningful to us for the round to be led by YC and have Ali Rowghani join the board. Each of the founders has a close association with YC and we trust them more than any other investor. My co-founders, Ammon and Guillaume, both worked at and founded a YC funded startup. I’ve had a relationship with YC for twelve years now. I first went through YC in 2007 with my first startup Auctomatic (there were 11 companies in the batch and that was considered “too big”) and I then became the first new partner at YC in 2010. YC has changed the trajectory of each of our lives in a hugely positive way and we're proud to have their support as we continue growing.
Much of what I learned at YC in looking for new ways to identify talent has been applied to building Triplebyte. YC is a great mission fit for us because they both believe in and have themselves acted on our core thesis that there’s a huge amount of undiscovered talent in the world to be found and routed to great opportunities. What YC did for founders is what Triplebyte is doing for engineers. We’re also particularly excited to work with Ali. His experience operating public companies (CFO at Pixar and COO at Twitter) is specifically what we wanted in an investor.
Thank you to our team, engineers and companies for getting us this far and we're excited to keep building something awesome together.
Also we are hiring for lots of roles ourselves across product, machine learning, engineering, design, sales and marketing. Take a look and join us!