# 🛎️🚨📢 DIVERCITY *Q3 2022* Investor Update - Lead Investor Secured @ $10M Valuation; on to $1M Recurring Revenue | Divercity.io

- Canonical URL: https://wefunder.com/feed/158886
- Entity ID: wefunder:feed_item:158886
- Published at: 2022-10-20 05:13:59 UTC
- Updated at: 2025-07-09 03:22:32 UTC

## Author
Chuka Ikokwu

## Subject
Divercity.io

## Content
Dear Divercity.io Stakeholders,I hope this finds you well. We’re officially in the final quarter of 2022 and before you know it, 2023 will be here. How time has flown this year. That said, on to brass tacks shall we? Please read on for news per our quarterly update. Q3 2022 has been an eventful quarter for the Divercity.io team and we have some noteworthy things to share.$2M Seed Fundraise updateWe secured a lead investor in Ruthless for Good Ventures (ruthlessforgood.com) for our $2M seed round 🎊🍾🥳🎈The investment of $450M puts us at a solid $10M valuation which is something of a victory in today’s macroeconomic environmentPrior we were at a $5M valuation given the valuation cap that came with our convertible note investment from Techstars in 2021With the remaining commitments we have in the pipe, this brings us to close to 2/3 of the round which we’re looking to close in the coming monthRuthless for Good will be receiving a board seat with their investment thus rounding out the 3rd board seat (current board members are myself and Mr. Chuka Uzor of our original investment team)Google for StartupsDivercity.io was one of 50 companies selected to be in the Google for Startups program (the Black Founders Fund)The program involves a $100K non-dilutive cash grant as well as exposure to a ton of Google resourcesThe Google Marketing team did a feature on Divercity.io; check it out hereSales Goals for 2022 and 2023For the rest of this year, we aim to close out the SaaS sales between $50K and $70K in recurring revenue, depending on the length of our sales cycles (we’ll likely finish out with close to $250K in total revenue including from the diversity recruiting services)For 2023, our sales goals are to hit $500K in recurring revenue by late Q2/early Q3 and then to hit $1M by late Q3; around this time we would look to raise a Series A to further amplify growth (see image below)Hiring GoalsAs we speak, we are recruiting for a Head of Sales and a Senior Machine Learning Engineer to help amplify our go-to-market effortsThe team currently has 10 full-time employees, with about half being on the Engineering side and the rest on Product, Design, Marketing, and HREduardo Villanueva joined our team from Uber as a senior engineer (also our first hire based out of Mexico)Product StrategyDivercity.io is positioned as an end-to-end DEI solution to help companies with their diversity measurement, recruitment, and retentionOur product pillars are the following: Workforce & Applicant Insights, Candidate Sourcing, and Inclusion TrackingAs far as action steps:If you could think of any companies that could benefit from our platform, please feel free to make an intro (our one-page ad is attached for your reference)Please do introduce to us an angel/vc investors that would be interested in participating in the closure of this roundMessage me with any questions you might have. Here’s to accomplishing major milestones over the next two quarters and thanks for your support as always 🙏🏾.p.s. Bonus: Check out our brand new Explainer Video 👍🏾Our Team, including our lovely interns 🤟🏾