simplyhired.com Announces $4.6m Funding
August 12, 2009 by Emma Sorensen
US based vertical job search engine, simplyhired.com, has revealed it has received $4.6 million in funding in fourth-round capital 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 says it will leverage the new financing to support future domestic growth, increasing headcount from 50 to 80 in 2009, and accelerate international expansion.
It brings Simply Hired to a grand total of $22.3 million raised to date.
Under terms of the agreement, Phil Sanderson, managing director at IDG Ventures, joins the company’s Board of Directors. He said:
“IDG Ventures focuses on companies with strong financial footing that demonstrate clear, differentiated market positioning. 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.”
Gautam Godhwani, co-founder and CEO at Simply Hired, said:
“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. 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.”
Last month simplyhired.com expanded with five new websites, meaning it now covers Italy, Ireland, Belgium, the Netherlands and Brazil. PC Mag also named the US jobs search engine in its top 100 websites of 2009 list. Both ComScore and Nielsen Media argued that Simply Hired was the fastest growing job site in 2008.
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