jobster raises $18M

from the jobster blog:

jobster raises $18M; announces record Q2 results; eyes profitability in 2007
Jason Goldberg, July 19, 2006

wednesday, july 19, 2006. 2 a.m. pst

(now with an update at 6 p.m.)

jobster is thrilled to announce that we have raised $18 million in new financing, bringing our total capital raised in the last two years to nearly $50 million, a large amount by any measure for a web 2.0 company. what's most striking is that we did not need to raise this new money. rather, we were rapidly growing our market share and product innovation, and a strategic investor, reed elsevier ventures, wanted to help take us to the next level. we are delighted to have reed elsevier, the global business publisher as a partner.

we are also pleased to announce that we just completed a banner second quarter in which we signed an additional 135 new clients for our industry leading jobster for employers service, doubled our Q1 sales bookings and revenues, and had every major client up for renewal re-up with us. jobster currently has nearly 400 customers under contract, including more than 15% of the Fortune 100. That's 400 customers in 1 year. our next goal is to double that in the next 6 months. No rest for the ambitious.

our sites are set on profitability in 2007 at a high revenue run rate. we're not a 1999 run run run company; we're capital efficient and (hopefully) making smart strategic investments to expand our innovation leadership and market share while pushing us towards profitability.

of course, we also just launched the new jobster.com, which in just a few days time is already starting to have a nice impact on the way people go beyond traditional job search, and instead experience a whole new "job find," career community -- through a mix of search, social networking, referrals, user generated content, tags, and other new technologies. some have gone so far to call it "myspace for the workplace." hah! i just say it sure is fun to watch your users create the site. gone are the days of pre-packaged programming. the new model is bottoms up and organic. gone are the days of static listings and resumes. the new model is dynamic and social.

further insights on our financing and new products will be provided on various blogs and via several interviews scheduled to run across the next few days. i'll post some links as they are published.

my official quote on the funding from our press release is as follows:

For a Web 2.0 company to raise nearly $50 million in backing is certainly significant. But more so, to do it when we didn’t require additional funding is a vote of confidence from the marketplace in Jobster as a long-term, profitable business,” said Jason Goldberg, CEO of Jobster. “We are executing on our vision to be the most valuable global provider of resources for making career matches.”

yeah, that's a big vision. and it's gonna take some time and effort.
so, it's nice to have some fuel in the tank.

writing on jim strouds' blog, industry legend and guru john sumser points to jobster's rapid market traction, products, and new funding and labels me me a "thought leader." flaterring. thanks. but i'd prefer to say that i'm just a guy with a vision, a lot of drive, a bit of grit, and some extraodinary people behind me.

we've yet to prove anything except that we've hit a clear market demand, delivered some good products that keep getting better, and have committed ourselves to a model of constant innovation and iteration based on customer feedback.

oh, and we're starting to make the job space just a bit sexy too.

thanks to everyone at jobster for every great day, every great product, every great customer success. our #1 asset at jobster drives home from work every night -- thanks for making it happen day in and day out.

more to come.

(to the reader: sorry if this last bit sounds sappy, but growing a business is quite the emotional ride. besides living on airplane and working 20 hour days, there's the shear grit and force that goes into trying to make something like this work. and, there's the humble realization that you're only as good as the people you surround yourself with. period. exclamation mark!)

Posted in

Submitted by editor on Thu, 2006-07-20 23:53.

Niches

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