ZipRecruiter raises USD63m led by Institutional Venture Partners
ZipRecruiter has closed a USD63 million 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.
IVP principal Eric Liaw will be joining the ZipRecruiter board of directors.
ZipRecruiter launched in 2010 with the goal of bringing Fortune 500-level recruiting tools to every small and medium sized business in North America. In 2014, ZipRecruiter is on pace to exceed 100 per cent revenue growth and registers over 30,000 new employers monthly.
For employers, the ZipRecruiter Job Distribution Platform simplifies the process of finding and screening candidates. The company enables the distribution of job postings to over 50 top online job boards. It 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.
For job seekers, ZipRecruiter provides a personalised, unique daily email highlighting the 25 newest and most relevant job opportunities. Matches are generated via a proprietary machine-learning algorithm, which uses the job seeker’s geography and category of interest to make daily recommendations from over 200 different career sources.
“The rapid growth of our business created a pressing need to scale our team and expand our product offering,” says 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,” says Liaw. “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 organisation. 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.”
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