NEW YORK, NY, ExecThread, a premium job-sharing network for executives and the largest aggregator of unpublished executive-level job opportunities, has secured $6.5 million in an oversubscribed equity financing.
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The round was led by top-tier, bi-coastal venture capital investors Canaan Partners and Javelin Venture Partners, with participation from Corazon Capital, CoVenture, NextView Ventures and notable angel investors. As part of the investment, Jed Katz (Managing Director at Javelin) and Warren Lee (General Partner at Canaan) have joined ExecThread's CEO Joe Meyer on the company's Board of Directors.
Founder and CEO Joe Meyer, former CEO of HopStop (acquired by Apple) and former executive at AOL & GM at eBay, created ExecThread to address shortcomings in the traditional executive search process that he saw as both a candidate and as a hiring manager. Leveraging artificial intelligence and a unique peer-to-peer crowdsourcing approach, ExecThread provides a better way for executives to discover career-advancing job opportunities previously unavailable and inaccessible to them, and enables them to take more control over the job discovery process. ExecThread also connects executive recruiters and hiring managers with carefully vetted candidates, thereby helping to surface the best candidates and reduce time-to-hire.
Several key statistics substantiate ExecThread's approach:
50% of job openings are not advertised, according to Duncan Mathison (author of Unlock the Hidden Job Market).
58% of active candidates found jobs via the hidden job market, and 81% of passive candidates found new jobs via the hidden job market, according to a recent survey conducted by Lou Adler (author of The Essential Guide for Hiring & Getting Hired).
80% of the half a million job opportunities salaried at $100,000+ that are filled every month in the U.S. aren't advertised, according to the late Mark Hovind (with Mathison & Hovind's findings each being based on data from the U.S. Census Bureau and Bureau of Labor Statistics).
45% of job applicants never hear anything back from the employer or outside recruiter, and 83% of them rate their job search experience poor, according to The Talent Board.
"Executive recruiting hasn't changed in decades, and isn't designed to address the unique and evolving needs of senior-level professionals and hiring managers," said Meyer. "We saw an opportunity to disrupt the $120 billion global talent acquisition market, which is loaded with inefficiency, through a unique give-to-get model that provides professionals with far greater access to hidden career opportunities than traditional recruiting methods. Through a mix of rich profile data and advanced technology, we enable the best candidates to be matched with the best career opportunities thereby making hiring a far more efficient and effective process."
ExecThread's member base, which has grown entirely via word-of-mouth referrals to date, includes board members, C-suite executives, vice presidents and director-level professionals from 80% of the Fortune 100, 75% of the Top 100 Global Brands, and 60% of leading startup companies with $1 billion valuations. As of today, and for the first time to date, professionals can apply to join without being referred. To ensure exceptionally high network quality, ExecThread created a rigorous two-pronged applicant vetting system, which combines an interactive "peer review" process with an automated & statistical evaluation of a myriad of professional attributes.
About ExecThread, Inc.
Founded in 2015 and headquartered in New York City, ExecThread, Inc., is a venture-backed start-up and premium network of highly qualified and carefully vetted executives and aspiring executives who discreetly share job opportunities with each other. ExecThread takes a unique, community-driven approach to accessing the hidden executive job market by crowdsourcing senior-level career opportunities from its members. As a result, ExecThread is now the largest aggregator of unpublished senior-level job opportunities. To sign-up for ExecThread, click here.