Jobvite Scores $200M in Funding
February 12, 2019
Recruiting platform provider Jobvite Inc. is the latest Silicon Valley company to raise a huge round of funding, scoring $200 million.
Los Angeles private equity firm K1 bought a majority stake in the San Mateo company in the deal. Then Jobvite turned around and announced it bought three companies itself, although some of the deals actually happened late last year. No prices were disclosed.
- Rolepoint Inc., a San Francisco-based startup whose platform helps to find suitable candidates for organizations through employee referrals. The 7-year-old company is led by founder and CEO Christopher Le Breton.
- Canvas Talent Inc., an Indianapolis startup that uses a chatbot to gather information about job candidates before they get a human interview. It is led by CEO Aman Brar.
- Talemetry Inc., a Canadian startup that uses marketing tech to find the best ways to attract talent through ads and other content.Jobvite's workforce before the deals was about 250, and it is adding about 150 employees through the acquisitions.
Jobvite's workforce before the deals was about 250, and it is adding about 150 employees through the acquisitions.
The company said the plan is to keep all four brands in place for now, but they will be united after integration plans are completed later this year.
Jobvite CEO Dan Finnigan will be the chief executive of the combined companies, but each individual company leader will stay on to head up their divisions.
“Our focus is to help leading companies win top talent and build the best teams with an award-winning candidate experience,” Finnigan said in the announcement of the deals. “K1 provides unparalleled SaaS expertise and vast resources that, in combination with these four trailblazing companies, will offer our customers the most comprehensive solutions, knowledge, and services available in the market.”
K1 managing partner Ron Cano said, “The talent acquisition industry is critical to our economy and ripe for disruption with outdated software still prevalent. K1’s investment will create the only true end-to-end talent acquisition platform and will provide our customers with accelerated growth in innovation of product features and services.”
Jobvite's private equity deal follows a $30 million debt refinancing it did with Golub Capital last summer. It had raised about $60 million since it was founded and was valued at about $150 million after its last venture round in 2014.