PAIRIN Raises $2.1 Million Series A Funding to Aid American Workforce Amidst Unprecedented Unemployment Rates
Investment Will Support Growth of the Company, Its My Journey Platform and Resources for Individuals Impacted by COVID-19
PAIRIN, the trusted technology partner to leading workforce programs, governments and education systems, announced the close of $2.1 million, the first tranche of its Series A investment round that will be used to support continued growth of the company and its My Journey platform. The round is led by social impact investor New Markets Venture Partners, along with New U Venture Partners, JFFLabs, and return investors Village Capital, ZOMA Foundation, and Independent Spectrum, LLC participating.
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As a result of the COVID-19 pandemic, unemployment rates in the U.S. have spiked to more than 14 percent, according to The Bureau of Labor Statistics. With the economy struggling and many businesses closing, more than 40 million Americans have found themselves jobless. PAIRIN’s My Journey platform helps these citizens, and all citizens, achieve meaningful employment through powerful partnerships with state governments, workforce agencies and education systems.
“Everyone should have the opportunity to define their own future, regardless of their background. During this period in our nation’s history, supporting the organizations and professionals helping people along their career journey is more important than ever,” stated Michael Simpson, CEO and co-founder of PAIRIN. “We’ve worked tirelessly alongside our partners in government and education to simplify the processes by which Americans enter and excel in the workforce. This funding will allow us to accelerate rollouts and key features that help connect people to critical resources, education and career assistance in an increasingly volatile job market. The enthusiasm and support we’ve received from investors are indicative of the widespread need for this technology.”
The Series A funding will help support the company’s rapid growth and hiring initiatives. PAIRIN plans to grow its workforce by 33 percent in the next year with new hires in engineering, design and project management roles, among others. At this rate, the company expects to be cash-flow positive and double its current number of employees by the end of 2021.
“New U Venture Partners (NUVP) is committed to investing in organizations that connect talent to opportunity, and PAIRIN’s data-driven approach will support that effort on a large scale,” said Dre Bennin, Managing Partner of NUVP. “By helping students and adult learners identify skills gaps and using data to demonstrate to employers the value of soft skills, PAIRIN can significantly increase ROI for job seekers and businesses — a win-win for workforce development.”
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