Simply Hired Secures New Investment
Simply Hired, has announced that is has secured $4.6 million of new investment funding from IDG Ventures and Foundation Capital. Crossing a profitability milestone and operating cash flow positive for the past four quarters with revenue growth for 16 consecutive quarters, Simply Hired will leverage the new financing to support future domestic growth, increasing headcount from 50 to 80 in 2009, and accelerate international expansion. Including this funding round, Simply Hired has raised $22.3M to date.
Simply Hired has seen significant growth on both its www.SimplyHired.com site, and its network of 5,000 partner sites. Both ComScore and Nielsen Media concluded that Simply Hired was the fastest growing job site in 2008. Its network, where Simply Hired powers job listings, includes LinkedIn, MySpace, The Washington Post, CNNMoney, BusinessWeek and Plaxo, reaching 23 million unique visitors monthly. This diversified strategy of reaching job seekers where they are spending their time on the Web, has earned SimplyHired.com and its network a ranking as one of the forty most trafficked websites in the United States, according to Quantcast.IDG Ventures focuses on companies with strong financial footing that demonstrate clear, differentiated market positioning, said Phil Sanderson, managing director at IDG Ventures. Simply Hired encapsulates an ideal investment partner, with clearly outlined goals and consistent growth over the past four years. Our relationship with IDG enables Simply Hired to expand its footprint globally, and create additional network partners within the IDG family.
Simply Hired recently launched localized job search engines for Brazil, Belgium, Ireland, Italy and the Netherlands. Simply Hired now operates in 13 countries and seven languages across five continents. Other global markets include Australia, Canada, France, Germany, India, Spain and the United Kingdom. The funding will enable Simply Hired to extend its global reach into new markets, allowing job seekers worldwide to search more than five million job openings.
Job search is a global problem, and Simply Hired is committed to reaching both active and passive job seekers globally at both SimplyHired.com and at other online destinations through our network, said Gautam Godhwani, co-founder and CEO at Simply Hired. IDG Ventures enables Simply Hired to continue to expand its international footprint with additional resources and facilitates our relationship with the global network of 450 IDG online properties.
We continue to see solid progress from the Simply Hired team, said Ashmeet Sidana, general partner at Foundation Capital, which initially invested in the company in December 2005. Im excited to see Simply Hired expand its partner network, and its global footprint to further its mission of helping people find jobs they love.
Under terms of the agreement, Phil Sanderson, managing director at IDG Ventures, joins the companys Board of Directors. Including this round, Simply Hired has raised $22.3M in funding from IDG Ventures, Foundation Capital, News Corporations Fox Interactive Media, Garage Technology Ventures and individual investors. The company is privately held and is based in Mountain View, California.