Investment led by Battery Ventures brings funding total to $22.2 millionSAUSALITO -- Glassdoor Inc., which operates job and career research and networking website Glassdoor.com, today said it has secured $12 million in series C funding.
It's the second round of funding for the four-year-old company, bringing the total of venture capital raised to $21.5 million.
Glassdoor has doubled its staff in the last two years, from 15 to 30 employees.
"We're hiring now," said Glassdoor co-founder and CEO Robert Hohman. "We'll probably double our staff again within the next year.
The company has been looking for expanded quarters for some time, and is about a week away from announcing a move. "We love Marin and will be staying in the southern part of the county," said Mr. Hohman, declining further comment on the new space.
Glassdoor doesn't disclose revenues, but has not yet reached profitability. Its revenues -- all growing, according to Mr. Hohman -- come from enhanced employer profiles, hard-to-fill job searches and traditional media advertising. Another round of funding is "pure speculation at this point," he said.
This new round, led by Battery Ventures with participation by existing investors Benchmark Capital and Sutter Hill Ventures, brings Glassdoor's total capital raised since its founding in 2007 to $22.2 million. The additional funding is expected to be used to further accelerate company growth internationally with more data and advertising technology as well as hires, according to the company.
[caption id="attachment_29587" align="alignright" width="111" caption="Neeraj Agrawal"][/caption]
Battery Ventures general partner Neeraj Agrawal said user-generated content disrupts some of the most mature industries.The firm manages $4 billion in technology-related investments, including a current fund of $750 million.
"Glassdoor has built a great business that is well-positioned to influence and advance the multibillion-dollar online recruitment market," sald Mr. Agrawal. He will join the Glassdoor board of directors.
Glassdoor.com launched in 2008 and is a free jobs and career community for employees, job seekers, employers and recruiters to anonymously find and share information about companies, including salary data, company reviews, interview questions and reviews, office photos and CEO approval ratings. Traffic to the website in 2010 grew by nearly 150 percent from 2009, with 3.5 million monthly unique visitors. The site maintains employee-generated data, including company and compensation data in national currencies, on more than 110,000 companies in over 100 countries.
[caption id="attachment_29586" align="alignleft" width="97" caption="Robert Hohman"][/caption]
Glassdoor co-founder and Chief Executive Officer Robert Hohman said the website has simplified the task of job seekers and employees to find basic salary details or information about the work environment on a per-job, per-company basis.
"Since we launched in 2008, we've seen demand for the jobs and company information we collect accelerate," he said. "As companies start to add the predicted 2.3 million jobs this year, we expect this demand to continue to grow and we'll be investing in product development and staffing to further expand Glassdoor services for our community, employers and advertisers. We're pleased to welcome Battery Ventures to our roster of enthusiastic investors."
In addition to providing access to millions of job listings provided through several leading job sites and listing partners, Glassdoor offers users important company information provided by actual employees and job candidates, including company reviews and ratings; salary details for specific job titles; interview reviews and questions; office photos; and CEO approval ratings. To access Glassdoor's full database, users simply need to "give to get" and contribute some job-related data of their own.
In the past year, Glassdoor introduced two key features that are contributing to its growth, including JobScope search technology that allows job seekers to quickly scan a company's rating, read company reviews and see compensation ranges directly from each job listing. The company also introduced Enhanced Employer Profiles that make it easy and cost-effective for companies to reach target job seekers and highlight employment attributes by expanding on the basic background and popular user-generated content that already exists for each company on Glassdoor.
The more than 110,000 companies represented on Glassdoor.com include those in the Dow Jones Industrial Average, the Fortune 500 and the S&P 500, such as Facebook, Accenture, AT&T, Oracle, Starbucks and UPS. More than 20 percent of Glassdoor's monthly traffic comes from outside the U.S., most notably from Canada, India, United Kingdom, Australia and Singapore, according to the company.
