Los Angeles-based ZipRecruiter is an online recruitment service that uses artificial intelligence to help company recruiters connect with potential candidates in order to fill job vacancies. And ZipRecruiter recently raised $156 million in Series B funding at a valuation of more than $1 billion, according to TechCrunch. ZipRecruiter will be using the funding to grow its business by building out new technology and expand internationally.
This round of funding was led by Wellington Management Company. Returning investor IVP also participated in this round along with several unnamed existing investors. ZipRecruiter has now raised a total of $219 million. IVP led the previous $63 million round of funding in 2014. ZipRecruiter will be using the funding to grow its business by building out new technology and expand internationally.
ZipRecruiter co-founder and CEO Ian Siegel said that more than 100,000 businesses and 10 million job seekers are using the company for recruitment. And ZipRecruiter is already accounting for 10% of activity in the US recruitment market.
ZipRecruiter distributes job listings on its platform and it also distributes job listings on third-party services like Facebook and LinkedIn. The job listings on its own platform have the benefit of tapping into analytics that matches candidates to job roles though. “As soon as you post a job as an employer, we search through 10 million active job applicants to find the best matches,” said Siegel via TechCrunch. “This is not Boolean matching but deep learning that uses 64 different dimensions of information.”
Siegel pointed out that there are more jobs that need to be filled than there are unemployed in the US today. So while there is a job for everyone, that does not mean everyone will get one.
“In a tight and ever-evolving labor market, businesses need effective, innovative hiring solutions now more than ever,” added IVP general partner Eric Liaw in a statement. “ZipRecruiter has modernized the recruitment experience in an essential, undeniable way. Their sophisticated implementation of AI technology has established them as the foremost platform in the space, having driven millions of employment matches–they’re truly poised to be the next internet marketplace success story. The growth of the business has been phenomenal, and we are thrilled to deepen our partnership with the company as they continue to improve the lives of both job seekers and employers of all sizes.”