A VC firm, NFJ Capital, that counts Dollar Shave Club, the subscription shaving start-up that was recently acquired for more than $1bn by Unilever, amongst its portfolio has led a $5m Series A funding round into Jobbio, a disruptive career marketplace based in Dublin, with offices in East London and New York.
Jobbio was founded by two Irish brothers, John and Stephen Quinn, in 2013; in February 2015 the firm raised €1m of seed funding from investors including the AIB Seed Capital Fund, MXC Capital, and several angel investors, before raising a €1.65m seed round in September of that year which saw Balderton Partner Barry Maloney invest through his private fund Taggia, and join the company’s board.
Nikole Junkermann, Grafton Group Chairman Michael Chadwick, and the Smurfit family also joined the round in September; Junkermann is the founder of and a partner in NJF Capital.
“We invest in internationally scalable tech companies, it’s our business”, commented Junkermann, adding; ““Jobbio is now one of these. We are impressed, in equal measure, by the Jobbio platform that connects talent with employers in a fresh way and with the talented management team running the business. We look forward to helping the team further scale their international expansion in the UK, US and Europe.”
Barry Maloney described Jobbio as “a fast-growing business solving a problem that every company faces; hiring the right talent cost-effectively and fast; this is a team with global ambitions that is already experiencing rapid growth internationally”
In a blog post, Stephen Quinn said that Jobbio planned to spend the funds on continuing “to reshape and reimagine the world of hiring, adding “We have been backed by some of the most experienced investors in Europe and it’s a challenge we relish.”
Quinn also revealed that Jobbio works with 3,000 companies around the world, are adding 100,000 “talented people” per month, are making more than 500,000 applications per month, and have more than 1 million different skills listed in their talent base.
Jobbio, its founder says, “is not a job board, not a recruiter, not a professional social network – nor do we aspire to be.”
The company, he argues, has been set up to use technology, data and marketing to fix two things; “How people find and apply for jobs, and how companies attract the right talent, receive applications and manage their hiring.”
The platform works by allowing companies to build live “talent pools” of potential applicants – often building pools larger than their social media followings on Twitter or Facebook.
Jobbio says they are able to transform redundant CVs kept on file into live Talent Communities – bringing the “file to life”.
Companies further benefit by being able to post roles quickly and easily, push jobs socially, and link the roles back to Jobbio – to the extent, Quinn believes, that many companies no longer feel the need to build their own careers sections on their websites.
Jobseekers are “educated” about different company cultures, mission statements, and the roles and interactions of different teams. Once penned, individual’s bios can be pushed to as many as 3,000 companies, at the push of a button.
The ability to recycle “passive” CV’s into active ones, thereby increasing the likelihood of matching the right talent with the right jobs, is key to what Jobbio’s platform does, and now the founders say they are looking to establish themselves as a global recruitment brand, in a market they admit is a crowded one.
According to Silicon Republic, Jobbio plan to double their workforce, which currently stands at about 35, in the next year, across the UK and US, as well as expanding into Canada.
Earlier this month, Jobbio sponsored and organised EXPAND London, at General Assembly, an event focused on developing networking opportunities between entrepreneurs and professionals in tech, marketing, and business development looking for roles, as well as students looking ahead to their first career roles.
The event attracted VC firms, incubators, and accelerators, who might have left contemplating a new reality for effective start-up hiring processes. As Stephen Quinn is fond is saying, “the hiring market has a gap shaped just like Jobbio”.
Another mantra the founders try to run their company by are the words of Irish “poet and warrior”, Conor McGregor, “we are not here to take part, we are here to take over”.
Definitely the kind of language that will put a spring in the step of the companies investors, new and old.