the market-leading hiring platform for small and medium sized businesses
(SMBs), today announced that it closed a $63MM 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 highighting 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
About Institutional Venture Partners (IVP)
With $4 billion of committed capital, Institutional Venture Partners
(IVP) is one of the premier later-stage venture capital and growth
equity firms in the United States. Founded in 1980, IVP has invested in
over 300 companies, 99 of which have gone public. IVP is one of the
top-performing firms in the industry and has a 33-year IRR of 43.2%. IVP
specializes in venture growth investments, industry rollups, founder
liquidity transactions, and select public market investments. Since its
inception, IVP investments include such notable companies as
AppDynamics, ArcSight (HPQ), Buddy Media (CRM), ComScore (SCOR),
Dropbox, Dropcam (Nest), Fleetmatics (FLTX), HomeAway (AWAY), Juniper
Networks (JNPR), Kayak (PCLN), LegalZoom, LifeLock (LOCK), Marketo
(MKTO), MySQL (ORCL), Netflix (NFLX), ngmoco (DeNA), OnDeck, Polycom
(PLCM), Pure Storage, RetailMeNot (SALE), Seagate (STX), Shazam,
Snapchat, Supercell, Synchronoss (SNCR), The Honest Company, Twitter
(TWTR), and Zynga (ZNGA). For more information, visit http://ivp.com or
follow IVP on Twitter: @ivp.
About Basepoint Ventures
Basepoint Ventures is an early-stage venture capital firm founded by
Nate Redmond and David Travers. The firm is based in Los Angeles, home
to entrepreneurs building industry-leading companies with stellar
growth. ZipRecruiter is Basepoint's first investment. Follow Basepoint
on Twitter: @BasepointVC.
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