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ZipRecruiter, a online recruitment platform, has just raised a $63 million Series A fund. The platform boasts the ability to place free and paid job postings at once across 50 job board sites like Indeed, Craigslist, Monster, SimplyHired, and Glassdoor.
Once multiple postings have been put up the platform will optimize job advertisements across job boards and sort resumes based on recruitment criteria. The platform has a pool of over four million existing resumes that businesses can search through. Job seekers can also use the platform to find jobs via a search function, email alerts and a mobile app.
"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 of ZipRecruiter in a statement. “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.” The company has also indicated funds will be used to ramp-up marketing and to “selectively pursue acquisitions.”
ZipRecruiter is focused on small to medium size businesses that can’t afford an expensive external recruiter or dedicated internal recruitment software. The company has reportedly been profitable for a number of years and exists in an industry that is notoriously expensive and often staffed by shady recruiters. A clear-cut, modestly priced online product is apparently serving ZipRecruiter well as the company was until this point entirely bootstrapped. ZipRecruiter said it is on pace in 2014 to exceed 100 percent revenue growth and is adding to its platform 30,000 new employers monthly.
The Series A round was led by Institutional Venture Partners(IVP) and included investments from Industry Ventures and Los Angeles-based Basepoint.
“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,” said Eric Liaw, principal at IVP. “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 percent of the US workforce, we believe the market opportunity for ZipRecruiter is enormous and look forward to helping the company reach its goals.”
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