What to know about Yardstik’s “human security platform”:
- Yardstik, the Minneapolis-based background screening company, has announced the general availability of its, “white-label, fully integrated background screening, certification, training, and deep industry-specific solution sets.”
- The company’s security offerings are tailored to marketplaces and SaaS platforms
- Yardstik has mostly operated in “stealth mode,” but has accumulated a portfolio of clients including Dispatch
- In April 2020, the company secured $4 million in a seed funding round co-led by Rally Ventures and Crosslink Capital
- Jeff Hinck and Justin Kaufenberg of Rally Ventures and Eric Chin of Crosslink Capital joined the Yardstik Board of Directors after the investment
The Quote: Matt Meents, CEO and Co-founder of Yardstik
“The response so far has been incredible. The marketplaces and platforms we’ve been talking to just get it right away, and they see the unique value almost immediately. The customers who already had something in place are feeling heard for the first time, not forced into these rigid, one-size-fits-all screening models, and it’s been a breath of fresh air for them. It’s been really exciting.”
For more information about Yarkstick, listen to our weekly news podcast, Twenty Minutes, this Friday (March 5, 2021). We’ll be chatting with CEO and Co-founder Matt Meents. The full release from the company is also below.
MINNEAPOLIS, March 1, 2021 — Yardstik, Inc. today announced the general availability of its “human security platform,” inclusive of white-label, fully integrated background screening, certification, training, and deep industry-specific solution sets.
Yardstik boasts a unique operating model tailored to marketplaces and SaaS platforms, with an API-first platform adaptable to virtually any platform environment. They highlight their consultative approach to designing industry-specific solutions as a market differentiator.
In April of 2020, Yardstik secured $4 million in seed financing from co-leads Rally Ventures and Crosslink Capital. With this investment, Jeff Hinck and Justin Kaufenberg of Rally Ventures, along with Eric Chin of Crosslink Capital, joined the Yardstik Board of Directors alongside Co-founder and CEO Matt Meents. Meents previously co-founded and served as CEO of Magnet360.
“I’ve seen first-hand how critical it is to commit to human security when you are a vertical platform of record,” said Kaufenberg. “The platform model works. I’ve seen the profound business impact it can have. And now, through Yardstik, we’re able to apply that proven model to any platform in the world and position them to become leaders and champions for safety for their industries. In any industry. And we can offer it in a way that doesn’t take tens of millions of dollars and 50-plus employees to get done.”
“This is going to disrupt the traditional screening market,” said Chin. “There’s huge untapped potential in this space, and nobody else is out here doing this like we are, for this audience. That’s being validated now by our customers. By approaching these platforms and marketplaces differently, by listening and responding with more flexible solutions, we’re finding ways to cut their costs significantly, and we’re arming them with an incredible tool to help grow their businesses.”
Operating primarily “under the radar,” to date, Yardstik has added 33 customers spanning a variety of industries. And they continue to expand their service offerings through consultation with those customers.
“The response so far has been incredible,” said Meents. “The marketplaces and platforms we’ve been talking to just get it right away, and they see the unique value almost immediately. The customers who already had something in place are feeling heard for the first time, not forced into these rigid, one-size-fits-all screening models, and it’s been a breath of fresh air for them. It’s been really exciting.”
One of those customers, Dispatch (Dispatchit.com), is a business-to-business delivery platform and an early advocate for Yardstik’s approach.
“The Yardstik team went beyond basic background screening and listened to the unique needs of our company,” said Andrew Leone, Dispatch CEO and Founder. “They were consultative in their approach and were an extension of our team to help us deliver more for our customers.”
Yardstik will be pursuing its series A financing in Q2 of this year.
Yardstik is the human security platform built for platforms. They enable marketplaces and SaaS platforms to champion safety in their industries through white-label, API-first background screening, certification, and training solutions tailored for their platform and specific to their industry. By introducing cost-saving efficiencies and offering a unique platform revenue-sharing model, Yardstik has saved customers an average of 25% versus one-size-fits-all screening competitors. For more information, visit yardstik.com.
About Rally Ventures
Rally Ventures invests exclusively in early-stage business technology companies, focusing on entrepreneurs creating significant new markets or bringing transformative approaches to existing ones. The firm was founded in 2012 by General Partners Charles Beeler and Jeff Hinck. Since 1997, Rally Ventures’ co-founders and venture capital industry veterans have invested in or run early-stage enterprise business-to-business technology companies across the U.S. with a proven ability to deliver superior returns regardless of the overall market environment. For more information, visit rallyventures.com.
About Crosslink Capital
Crosslink Capital is a leading early-stage investor based in Menlo Park and San Francisco, investing in emerging growth companies since 1989. They are a proven team of early-stage business builders investing out of their ninth fund ($350M) and managing over $3.6 billion. Crosslink partners with ambitious entrepreneurs who are reshaping massive markets with disruptive technology. For more information, visit crosslinkcapital.com.