Jobvite, provider of next-generation recruitment solutions, has completed Series B financing led by ATA Ventures totaling $8.25 million. Jobvite said they will use the new funding to accelerate product innovation and meet growing customer demand.
According to a press release, CMEA Capital, who led Jobvite’s Series A financing, also participated in this round. Jobvite secured $7.2 million in Series A funding in 2007 from CMEA Capital, bringing its total funding to date to $15.45 million.
A Jobvite rep said the company has experienced strong sales growth over the past year, increasing its customer base by more than 300 percent. Customers include Accuweather, TiVo, Zappos.com, Mozilla and Yelp.
The company’s core product is an on-demand application that enables the whole company to participate in hiring and allows recruiters to tap employees’ existing professional and social networks to increase referral hiring.
Earlier this year, Jobvite introduced industry-first API-level integration with the leading social networks, LinkedIn, Facebook and Twitter, to match jobs to referral prospects.
“This recession is fundamentally changing recruitment, pushing companies to become more cost-effective, innovative and strategic. Companies are looking to the technology industry to make this possible,” said Dan Finnigan, President and Chief Executive Officer of Jobvite. “Our growth this year proves we’re serving a big need and delivering immediate ROI to our customers. With this new investment, the strong additions made to our team this year, and the on-going advancements in our technology, I’m looking forward to what Jobvite will do for our customers.”
Jobvite also appointed Hatch Graham, Managing Director of ATA Ventures, to its Board of Directors.
“Jobvite has assembled an outstanding team, built an exceptional, growing roster of customers and proven the demand for its innovative products,” said Hatch Graham. “I’m impressed by Jobvite’s vision for the future of the rapidly transforming, multi-billion dollar recruiting sector and delighted to be a part of the opportunity. Now is the perfect time for expansion.”
“We’ve liked the way Jobvite has brought the benefits of SaaS and social networking together to solve real problems for its customers over the past year. We see a growing market opportunity as more companies look to reduce expenditures while ensuring the quality of their greatest asset: their people,” said Jim Watson, Managing General Partner, CMEA Capital. “The management team has proven it has the ability to both innovate and execute. That’s why we’re increasing our investment.”
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September 15th, 2009 at 6:38 pm
I’m glad that this guys are doing good in this tough times. Any chance we’ll read some articles in how to write a resume, seems appropriate at this time.