Jobs Website Glassdoor bans USD50 million in fresh funding
On Thursday, six year-old startup Glassdoor said it obtained new funding amounting to USD50 million. The new funding was raised in an investment round led by Tiger Global Management. Existing investors Battery Ventures, Benchmark Capital, DAG Ventures and Sutter Hill Ventures also participated in the round. The funding round also saw a new investor in Dragoneer Investment Group. The new funding had brought the total amount Glassdoor received to USD93 million.
The new funding signaled a big move by Glassdoor, who has grown into a popular go-to jobs site as its platform allows people to rate their employers and leave unnamed reviews. Since its establishment in 2008, Glassdoor had built a 22 million member base spanning 190 countries worldwide, posting a compound yearly revenue growth of around 160%. Glassdoor has high-profile clients like Nordstrom and Facebook, of whom some had upgraded to avail additional recruiting and analysis tools. This also prompted potential investors to cash in to Glassdoor's continuing success as a business that they are eager to support the startup, said the New York Times' The DealBook.
Tiger Global Partner Lee Fixel said in a statement, "Glassdooor has rapidly become a critical player in the global recruiting market due to its extensive content platform and data insights that benefit both job seekers and employers."
According to the DealBook, the new funding will be used towards its continuous international expansion strategy. Glassdoor will reportedly be building its audience, which represents 25% of its traffic. Part of the proceeds will also go towards hiring around 100 new employees into its current staff of 200.
Co-founder and chief executive of Glassdoor Robert Hohman said about the new funding, "This additional capital will allow us to further accelerate our growth and capitalize on our sweet spot at the intersection of social, mobile, and data to deliver on our mission to help people find the jobs and companies they love."