Jobandtalent Secures €100m from SoftBank Vision Fund 2 to Fuel Expansion
Company also adds €83 million in debt financing from BlackRock to its balance sheet
MADRID, March 10, 2021 /PRNewswire/ -- Today, Jobandtalent - a workforce marketplace that matches workers with temporary roles - announced it secured a €100 million investment from SoftBank Vision Fund 2[1] via its Series D round. In addition, the company has secured €83 million in debt financing from BlackRock. This comes after Jobandtalent closed a successful €88 million round in December. The funding will accelerate Jobandtalent's expansion into new markets, including the US, and the consolidation of its leadership position in existing territories.
Jobandtalent has developed technology to provide tailored matches between workers and companies in a range of sectors including logistics, e-commerce, warehousing, and manufacturing. As the marketplace grows, the technology is able to learn and make even better matches - meaning more workers in good jobs, and happy companies.
The goal is to make it easy for people to find regular, dependable work and have the security and perks typically associated with full time employment - including pensions, sick and holiday pay, health insurance in some markets, and training courses. Workers can apply for roles, submit paperwork, and sign contracts entirely within the Jobandtalent app. In the past year alone, more than 80,000 workers have used Jobandtalent to find temporary roles.
"There are 500 million temporary workers around the world, and we saw an opportunity to use technology as a way of helping these workers find reliable, consistent jobs," said Juan Urdiales, co-founder and co-CEO of Jobandtalent. "We want to help match these workers with the right roles at the right companies, and make sure they have the benefits and security of employment. The past year has shown us how critical these jobs are to keeping our economies running, and we think there is a huge opportunity to treat workers well and help businesses fill the roles they need."
"Jobandtalent is addressing a crucial challenge facing the modern workforce - how to balance flexibility with high quality, reliable job opportunities," said Yanni Pipilis, Managing Partner at SoftBank Investment Advisers. "The company has developed a data-driven platform that has a track record of providing high fulfilment and low attrition staffing for businesses with temporary roles to fill, while securing income stability and benefits for workers. We are incredibly excited to partner with Juan, Felipe, and the team on the next phase of the company's growth."
More than 850 companies - including XPO, Ceva Logistics, eBay, Ocado, Sainsbury's, Bayer, and Santander - use the Jobandtalent platform to easily and efficiently match temporary roles with the right workers. Jobandtalent employs the workers directly and manages all of the back-end administrative processes including payroll, timesheets, and legal compliance. Through the platform, companies can monitor worker satisfaction, which helps reduce attrition, and follow metrics like absences or late arrivals.
"CEVA Logistics is always looking to implement the latest technological advances in our business, and that commitment extends even into how we find and manage our temporary workforce," said Frederic Pleeck, global procurement leader for CEVA Logistics. "We started using the Jobandtalent platform last year and have since expanded that cooperation into four markets - France, Germany, Mexico, and Spain. The platform allows us to find the right people for the right job and then track their satisfaction, which is a critical metric for us at CEVA Logistics as our people are one of our competitive advantages."
Since its launch in 2009, Jobandtalent has expanded to eight markets: Spain, UK, Germany, France, Sweden, Mexico, Colombia, and Portugal. The revenue run rate of the business has grown from €5 million in 2016 to €500 million in 2020, resulting in a positive EBITDA. The company continues to grow more than 100% year on year. SoftBank Vision Fund 2 joins previous investors including: Atomico, Seek, DN Capital, InfraVia, Quadrille, Kibo, and FJ Labs. Jobandtalent has raised €310 million to date.
1. As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 ("SVF 2") in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.
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