Jobster Secures US$18 Million in Series C Financing
SEATTLE, July 19 /PRNewswire/ --
- Company Also Announces Record Second-Quarter Results; Projects Profitability by Mid-2007
Jobster Inc., the company that simplifies the process of making successful career matches, today announced it secured an additional US$18 million in funding from investors. That brings the company's total capital raised to $48 million since 2004. The new round of financing is designated to increase the company's market share, expand its global footprint, and continue its product development.
"For a Web 2.0 company to raise nearly US$50 million in backing is certainly significant. But more so, to do it when we didn't require additional funding is a vote of confidence from the marketplace in Jobster as a long-term, profitable business," said Jason Goldberg, CEO of Jobster. "We are executing on our vision to be the most valuable global provider of resources for making career matches."
London-based Reed Elsevier Ventures, the venture arm of Reed Elsevier plc, led the pre-emptive series C round and was joined by Jobster backers Ignition Partners, Mayfield Fund and Trinity Ventures. Reed Elsevier is a global leader in business publishing, with US$9 billion in annual revenues. Its businesses include LexisNexis, Harcourt, Holt, Rinehart and Winston, and Reed Business, and US$3.5 billion of Reed Elsevier's revenue comes from its online services.
"Reed Elsevier Ventures looks to back great management teams with novel and disruptive ways of attacking large, growing categories, and online recruitment is an important market for us," said Kevin Brown, partner at Reed Elsevier Ventures. "Jobster has demonstrated its potential to be a transformational player, both in the U.K. and globally. It has the team, vision and technology to continue its track record of innovation for many years to come."
Jobster also announced record growth in the second quarter -- doubling first-quarter sales. Jobster now counts 15 percent of the Fortune 100 companies as customers.
"Jobster started like so many other firms -- with a great idea. Jason Goldberg and his team have been able to execute on that idea while continuing to look to the future," said John Connors, partner of Ignition Partners. "The result is an even stronger company than we initially backed. For that reason, the decision to increase our support for Jobster was an easy one."
Jobster was founded on the idea that technology could be put to use to go beyond typical job boards and make more meaningful matches between the right individual and the right job. Jobster gives jobseekers access to a one-stop aggregated search of millions of jobs from across the Web. Jobster also offers user-generated content and tags that foster online connections and deliver useful information about workplaces. For employers, Jobster provides Web-based tools to help them target the right candidates through a variety of channels, build referral networks, and manage relationships with future hires.
Founded in 2004, Jobster's mission is to help people meet their potential by providing innovative online services that enable meaningful career matches. Every day employers and jobseekers around the world rely on Jobster to connect with each other. Starbucks, Expedia.com, Boeing, Premera Blue Cross, Microsoft, Google, Philips, Samsung, Boston Scientific and 15 percent of Fortune 100 employers use Jobster to find the great people they cannot find elsewhere. Jobster has offices throughout North America and the U.K. and is backed by industry-leading investors Ignition Partners, Trinity Ventures, Mayfield Fund and Reed Elsevier Ventures. For more information, visit http://www.jobster.com .
For more information or to set up an interview with a Jobster executive, please contact:
Christian Anderson, Waggener Edstrom Worldwide, +1-425-638-7000, email@example.com
Web site: http://www.jobster.com
SOURCE Jobster Inc.
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