SAN FRANCISCO – September 9, 2009 – Jobvite, provider of next-generation recruitment solutions, announced today the completion of its Series B financing totaling $8.25 million. The round was led by ATA Ventures, a new investor. CMEA Capital, who led Jobvite’s Series A financing, also participated in this round. The company will use the new funding to accelerate product innovation and meet growing customer demand.
Jobvite has experienced strong sales growth over the past year, increasing its customer base by more than 300 percent. Jobvite customers include Accuweather, TiVo, Zappos.com, Mozilla and Yelp. Inundated by resumes throughout the economic downturn, companies are selecting Jobvite’s unique product for hiring high-quality passive candidates and cost-effectively managing their entire recruiting process.
The company pioneered social recruitment with the first 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.”
Jobvite secured $7.2 million in Series A funding in 2007 from CMEA Capital, bringing its total funding to date to $15.45 million.
About ATA Ventures
Founded in 2004, ATA Ventures is a venture capital firm that seeks out unique companies that create superior technologies and solutions for very large market applications. With over $430 million of capital under management, ATA Ventures focuses on providing early stage financing to these companies.. Backed by leading foundations, fund of funds, pensions funds, and endowments, the ATA Ventures team has formed a platform to support exciting companies for many years to come. For more detailed information, visit us on the web at www.ataventures.com.
About CMEA Capital
CMEA Capital provides capital and counseling to entrepreneurs and investors in the life sciences, information technology, and energy & materials sectors. Through its combination of solid scientific credentials and seasoned management expertise, CMEA identifies, funds and manages new businesses based on the emerging, interdisciplinary science required to meet the challenges and opportunities of a rapidly changing global economy. The firm currently manages seven funds representing investments in excess of $1 billion. CMEA has been an early stage investor in many leading companies, including A123Systems, Codexis, Entropic (ENTR), Flextronics(FLEX), Magma (LAVA), Maxygen (MAXY), Silicon Spice (BRCM), Solyndra, and Symyx (SMMX).
Jobvite is the leading recruiting platform for the social web. Today’s fastest-growing companies use applicant tracking, recruiter CRM and social recruiting software solutions from Jobvite to target the right talent and build the best teams. Jobvite is a complete, modular Software-as-a-Service (SaaS) platform which can optimize the speed, cost-effectiveness and ease of recruiting for any company. For more information, visit www.jobvite.com.