ZipRecruiter, an online job board for small businesses, has raised $63 million to rapidly scale the growth of its platform.
The Santa Monica, California-based company was co-founded in 2010 by Ian Siegel, Joe Edmonds, Ward Poulos, and Will Redd, whose goal was to create Fortune 500-level recruiting tools for small businesses.
The capital injection will fuel new product development, heavy investment in marketing, fund potential acquisitions, and scale the engineering infrastructure to support more customers.
Up until yesterday’s funding announcement, the company had been entirely booststrapped. That self-funded and lean approach to building a high-growth startup hasn’t slowed them down as their well-priced product offerings have ramped up employer registrations to 30,000 per month and are on pace to double revenue growth in 2014.
“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.”
ZipRecruiter’s platform is appealing to small businesses as they can post a job to more than 50 job boards at the same time including traditional online job boards like Indeed, SimplyHired, Glassdoor, Craigslist, TheLadders and Monster as well as social networks like Facebook and Twitter. Once they have posted a job, businesses can search for candidates within ZipRecruiter’s database of over 4 million resumes.
Businesses also have access to a slew of tools to manage the hiring process including social network integration to promote their job listings, mobile optimized job listings that appeal to candidates on the go, well-formatted resumes, candidate screening questions, customized branding, job board widget for a company to embed on their own website, applicant tracking and ratings, and custom email responses.
Job seekers benefit as well as they have access to job listings from more than 200 job boards which ZipRecruiter scans from across the web. Naturally, they can subscribe to daily email alerts which send users a list of 25 jobs per day, curated by their preferences and the company’s matching algorithms.
“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.”