Service Industry Job Site Snagajob Raises $100 Million in Funding
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While professionals may flock to LinkedIn for job opportunities, hourly workers have Snagajob, which just scored $100 million in new funds.
Looking for work can be a frustrating waiting game, but the 16-year-old company is working on minimizing the downtime, helping applicants -- mostly in low-paying jobs at hotels, retailers and restaurants -- find opportunities in minutes from their smartphones.
The $100 million investment was led by Rho Acceleration, with NewSpring Capital and the Invus Group also contributing. The infusion will be used to expand Snagajob's product offerings, with a focus on its mobile app, and fund acquisitions, according to a press release.
“It’s unfortunate that in the age of on-demand everything, the average hourly job seeker is offered no greater efficiencies when looking for a job,” Snagajob’s CEO Peter Harrison said in a statement. “It should only take minutes to secure hourly work, not the days and weeks it takes today.”
Harrison told The Washington Post that the company's ultimate goal is to allow job seekers to use its app to not only find jobs, but also manage work schedules, clock in and out and get paid.
Founded in 2000, Arlington, V.A.-based Snagajob receives almost a million job applications each week and has more than 65 million profiles of job seekers on the site, according to the press release. The company has grown rapidly in recent years, doubling its mobile traffic and its revenue from employers since 2013.