Venture Capital News: ZipRecruiter Grabs $63M
SANTA MONICA, CA, ZipRecruiter, the market-leading hiring platform for small and medium sized businesses (SMBs), today announced that it closed a $63M Series A funding round.
ZipRecruiter, the market-leading hiring platform for small and medium sized businesses (SMBs), today announced that it closed a $63M Series A funding round led by Institutional Venture Partners (IVP) with participation from Basepoint and Industry Ventures. Proceeds from the round will be used to develop new products, accelerate marketing for future growth, selectively pursue acquisitions and scale the infrastructure supporting tens of thousands of current ZipRecruiter customers. IVP Principal Eric Liaw will be joining the ZipRecruiter Board of Directors.
This transaction marks the first time that the consistently profitable company has raised capital. ZipRecruiter launched in 2010 with the goal of bringing Fortune 500-level recruiting tools to every small and medium sized business in North America. Over the last four years the company has successfully executed against that strategy and in 2014, ZipRecruiter is on pace to exceed 100% revenue growth and registers over 30,000 new employers monthly.
For employers, the ZipRecruiter Job Distribution Platform greatly simplifies the process of finding and screening candidates. The company maximizes employers' reach by enabling rapid and seamless distribution of job postings to over 50 top online job boards. ZipRecruiter then streamlines the candidate review process by consolidating applicants from all sources into a single integrated list. ZipRecruiter also provides a searchable resume database of over four million active job seekers, making it a one-stop-shop for sourcing and reviewing candidates across all job categories at every level of experience.
For job seekers, ZipRecruiter makes finding a job faster via a personalized, unique daily email highlighting the 25 newest and most relevant job opportunities. Matches are generated via a proprietary machine-learning algorithm, which utilizes the job seeker's geography and category of interest to make daily recommendations from over 200 different career sources. ZipRecruiter now registers over three million new job alert subscribers per month and is currently sending more than 14 million job alerts per day.
'The rapid growth of our business created a pressing need to scale our team and expand our product offering,' said Ian Siegel, CEO and Co-Founder at ZipRecruiter. 'Taking funding allows us to develop new products and put the systems and people in place needed to maintain the level of quality ZipRecruiter customers have come to expect. We selected IVP from among multiple top-tier firms because we greatly value their collaborative approach to working with the management teams of high growth technology companies.'
'We are excited to lead the first ever funding round at ZipRecruiter,' said Eric Liaw, Principal at IVP. 'It's rare you see a business reach the scale, growth and profitability of ZipRecruiter and the company's success to date is a testament to the entire organization. However, what is most compelling is their commitment to delivering high quality products to their users. With 28 million SMBs estimated to employ approximately 50% of the US workforce, we believe the market opportunity for ZipRecruiter is enormous and look forward to helping the company reach its goals.'
ZipRecruiter allows small businesses, individual employers and recruiters to easily reach the right candidates and make the best hiring decisions with single click postings to 50+ leading job networks and online interview tools, all while eliminating bulky and expensive software. ZipRecruiter uses their machine-learning algorithm to take a haystack of jobseekers and mine for the needle employers are targeting. Job seekers can also search hundreds of job boards simultaneously and distribute their resume to thousands of hiring managers through the resume database. Founded in 2010, ZipRecruiter is a privately held company based in Santa Monica, California. Follow ZipRecruiter on Twitter: @ZipRecruiter.
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