PAIRIN announced the close of $2.1 million, the first tranche of its Series A investment round that will be used to support the 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, and Independent Spectrum, LLC participating.
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.
My Journey has dramatically increased its rollout in the past few months, with large workforce networks and state governments leading the way in adoption and interest. One PAIRIN customer has expanded from using My Journey in three regions to all 15 across the state during the pandemic to expand services to the recently unemployed.