DN Capital and Picus Capital join existing investors Cherry Ventures, btov and TruVenturo DN Capital team behind Purplebricks, Shazam and Auto1 backs Berlin startup First TV advertising campaign launches in 2018 Money raised will enable Joblift to deepen its technology and improve user experience
Joblift, the European job site that is growing rapidly in the UK, Germany, France and the Netherlands, with offices in Berlin and Hamburg has raised €10 million in a funding round which will help the European tech company invest heavily in its leading machine learning systems. London and Berlin-based venture capital investor DN Capital led the funding round and was joined by Picus Capital and existing investors Cherry Ventures, btov and TruVenturo. The €10 million fundraising brings the total raised by two-year old Joblift to €12m. Joblift is a data-driven platform, which aggregates jobs from multiple job boards, corporates and recruiters to provide job seekers with a one-stop shop where they can find positions that really match their skills. Joblift already has over 1.5 million monthly site visits and has over 4000 partners, including most of the major job boards. The search platform uses machine learning algorithms to extract key words and terms from every job description, so that job hunters are guided to the most relevant vacancies. Data analytics is at the heart of its product, with data scientists perfecting ways to make each search produce more and more relevant results for users. With just a single query, optimised algorithms can individualise search results for each user and Joblift is developing the product to deepen user engagement and relevancy. Lukas Erlebach, co-founder and CEO at Joblift, said: “People have been job hunting online for many years now and yet there is still no go-to destination that aggregates the thousands of sites where jobs can be listed. Joblift intends to be that place. Technology can solve the problems HR managers are facing when hiring. At Joblift we want to personalise the search as much as we can, but we also want to make it completely transparent to the recruiter so that they know exactly what they are getting for their investment.” “Joblift can end the ‘post and pray’ culture that has dominated hiring in recent years and made it even harder to find genuine talent,” Erlebach said. Nenad Marovac, managing partner at DN Capital, said: “Joblift stands out against competitors because of the quality of its team and its product. I’m very impressed with the technology and engineering of theproduct and with the fact that they are building market share so rapidly, while achieving profitability in their core markets.” The market for recruitment advertising is worth $670bn globally and is growing at 4% a year, with growth of 8% a year in central Europe. However, online recruitment is extremely fragmented with some job seekers consulting as many as 16 different job sites and there are more than 100,000 agencies and job boards from a pre-mobile era that still dominate. Following the fundraising Joblift will accelerate its recruitment of data scientists and software engineers in line with its intention to prioritise data excellence. The company expects to double in size in the next six months and will also launch its first ever TV advertising campaign, starting in Germany, followed by campaigns in other markets. Joblift currently counts around 50 employees in their Hamburg and Berlin offices and is investigating an expansion to the US market soon.