Wednesday 22 November 2017

€8.5m raised for Jobbio to finance its expansion

Dermot Desmond’s IIU investment vehicle led the funding round. Picture credit; Damien Eagers
Dermot Desmond’s IIU investment vehicle led the funding round. Picture credit; Damien Eagers
Adrian Weckler

Adrian Weckler

The Dublin online recruitment start-up Jobbio has raised €8.5m in a new funding round led by Dermot Desmond's investment vehicle, IIU.

The cash injection brings to €12.75m the sum raised by the company in the last 12 months as it expands into Britain, the US and Canada.

Jobbio was started by CEO Stephen Quinn and his brother John, a previous owner of the Champion Sports retail chain.

Desmond became an investor in the online business because "he sees it as a global play", said Stephen Quinn.

"Venture-backed businesses can be risky but clearly he can have a lot of influence on it with his contacts and international experience," said Quinn.

Other investors in the new round of funding include former telecoms executive Barry Maloney, who now runs the investment firm Balderton Capital.

No valuation has been disclosed as part of the process.

Jobbio works on a self-service subscription basis for companies, which pay at different tiers for access to different features. The company also has agreements in place with other global platforms, such as LinkedIn, Indeed and IDG, to make sure job postings reach millions of potential applicants.

It has 250,000 new jobseekers registering to use the system each month, said Quinn.

"By the end of the year, we should reach three million," adding that the growth in jobseeker registrations and corporate customers was now at "roughly" 20pc each month.

Jobbio counts companies such as Intel, Shazam and Transferwise as part of its 6,000-strong compliment of corporate clients.

The service is taking off because of its ease of use and cheaper cost, said Quinn.

"Recruitment companies can charge you between 15pc and 30pc of a recruited candidate's first-year salary," he said. "Some recruitment sites charge up to €1,000 per post. Our subscriptions are a fraction of that."

Jobbio employs 60 people, most of whom work in its Dublin office.

However, it is expected to ramp up its New York office after signing a deal with the international co-working space company, WeWork, which is based in the 'Big Apple'.

"We did a global commercial deal with WeWork and they're now a major strategic partner," said Quinn. "We're going to create a joint marketplace together. They have 6,000 companies."

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