Venture Capital: Digital Temp Staffing Startup Jobandtalent Snags $500M Series E
The company garnered a valuation of $2.35 billion.
Madrid-based temp staffing marketplace Jobandtalent announced the closure of its Series E raise of $500 million at a valuation of $2.35 billion from Kinnevik and SoftBank Vision Fund 2. Existing investors including Atomico, DN, Infravia, Kibo and Quadrille also participated in the round.
The company uses technology to match workers with temporary openings at employers in industries including logistics, e-commerce, warehousing, and manufacturing. Workers can apply for and manage roles, submit paperwork, sign contracts, and get paid, all inside the Jobandtalent app. (CISION PR Newswire)
The firm currently operates in nine markets with more than 1,300 companies using the platform. Over 100,000 workers have used Jobandtalent to find temporary roles in the first nine months of 2021 alone. The platform employs the workers directly and manages all of the back-end administrative processes including payroll, timesheets, and legal compliance.
“By offering a personalised service driven by data and proprietary technology, Jobandtalent is simplifying the experience of finding work for thousands of people and transforming it for the better,” said Natalie Tydeman, Senior Investment Director at Kinnevik.
Jobandtalent revealed it is growing at 130% annually, and has been EBITDA positive since the second half of 2020. Its annual revenue run rate is now more than €1 billion, according to TechCrunch.
Use of funds
Jobandtalent will use the funds to further expand its reach within the US and other markets. It also intends to boost hiring, particularly its tech and sales teams, as well as add certain key executive roles.
“With temporary working increasingly becoming the norm, the opportunity to help workers find reliable, consistent jobs is growing by the day,” said Juan Urdiales, co-founder and CEO of Jobandtalent. “Even with the current pressure in the labour market, we are able to find and match workers with roles at a much higher success rate than others.”
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