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E-recruiting company RealMatch scored two major coups Monday, swooping up $4.7 million in second round venture capital funding, and a new CEO who was previously a senior vice president at rival Monster.com.
The Israeli recruitment ad network has made a name for itself by only charging employers if they find candidates they like on the site. Otherwise, employers can list jobs for free across a platform that includes close to 2,000 partners reaching over 40 million job seekers per month, with 60,000 positions listed on average.
Employers then have seven days to decide if they want to purchase the results of the “recruitment search” and begin pursuing specific candidates.
RealMatch ranks job seekers via a set of algorithms that determine a candidate’s suitability for a given job by processing their resume, then assigning them to one of three categories: great matches, good matches or basic matches. It also offers candidates an Improve Your Matchability function that helps them tailor their listing more appropriately by asking a series of specific questions about their past job experience, titles, goals, etc.
It has long aimed to create a job search service that is based more on the way dating sites match people — i.e. through multiple compatibility levels — than traditional, general job listing sites that only post job details and contact information.
The four-year-old company has said this “no-risk” business model was a great lure for its new round of financing from Carmel Ventures and for snapping up former Monster exec Marcel Legrand, who has been with RealMatch’s competitor since 1991. While at Monster, Legrand held senior positions in everything from product development to strategy and corporate development.
This Series B funding round was led by New Jersey-based Carmel Ventures with additional help from existing RealMatch German investors Baytech Ventures. As part of the deal, Carmel partner Ronen Nir will now join RealMatch’s board of directors.
“We have been following RealMatch’s progress for more than two years, and were highly impressed with the innovation of both technology and business model,” said Nir. “The company has managed to grow and create significant traction and revenue growth. With the addition of Marcel Legrand, RealMatch has the necessary expertise, track record and passion that is required for the next phase of growth and for completely transforming the $10B market of the recruiting industry.”
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