It’s almost always the same: If you raise VC money after your competitor, you’d better be able to raise more — to hold face.
First, Silicon Valley job search engine start-up Simply Hired, said last week it raised $3 million. So now its Stamford, Conn.-based competitor, Indeed, comes back and trumps that with an announcement of a $5 million investment round.
The New York Times Company, Union Square Ventures and Allen & Company, LLC made the investment together for a minority interest. See press release below in extended entry, for more details about the investment and how it fits in with the other recent investment activities by the NYT.
As we mentioned in the Simply Hired post, the sector is pretty hot — and crowded.
Update: Good analysis of Indeed’s position by Fred Wilson, a partner at investor Union Square Ventures, where he muses about Yahoo’s entry into the job scraping business and what it means for Indeed, etc.
THE NEW YORK TIMES COMPANY ACQUIRES INTEREST IN INDEED, INC.
NEW YORK, Aug. 8, 2005 ï¿½ The New York Times Company announced today an investment in Indeed, Inc. (www.indeed.com), a search engine for jobs that enables job seekers to search millions of job listings from over a thousand Web sites. The Times Company, Union Square Ventures and Allen & Company, LLC are together investing $5 million for a minority interest.
“We are pleased to join Union Square Ventures and Allen & Company in backing Indeed, an innovative new firm that provides compelling job search capabilities to Internet users,” said Martin Nisenholtz, senior vice president, digital operations. “The Times Company has strong help-wanted franchises in print and online, and we believe it is important to invest in new technologies and services in this advertising category.”
Indeed is the most comprehensive search engine for jobs, adding over 110,000 new jobs per day ï¿½ more than any other job search engine. Indeed includes jobs from over 1,000 unique sources, encompassing company career pages, major and niche job boards, national and regional newspapers, and hundreds of associations. Indeed indexes all new jobs from each source every day, making it the freshest and most accurate source of jobs on the Web.
“Our relationship with The New York Times Company, Union Square Ventures and Allen & Company will help us extend our lead as the number one search engine for jobs,” said Paul Forster, CEO and co-founder of Indeed. “We look forward to working with them in our goal of revolutionizing job search.”
The New York Times Companyï¿½s highly successful Web sites ï¿½ which include NYTimes.com, About.com, Boston.com and 35 other Web sites ï¿½ are visited by more than 31 million users each month, and include the leading Internet sites owned by a news organization. The Times Company is the 11th largest corporate online network. NYTimes.com alone generated 472 million page views in June.
About The New York Times Company
The New York Times Company (NYSE: NYT), a leading media company with 2004 revenues of $3.3 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, 16 other newspapers, eight network-affiliated television stations, two New York City radio stations and 35 Web sites, including NYTimes.com, Boston.com and About.com. For the fifth consecutive year, the Company was ranked No. 1 in the publishing industry in Fortuneï¿½s 2005 list of Americaï¿½s Most Admired Companies. The Companyï¿½s core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment.
Indeed is a search engine for jobs ï¿½ with a radically different approach to job search. In one simple search, Indeed gives job seekers free access to millions of employment opportunities from over a thousand sources, including company Web sites, job boards, newspapers and associations. With the familiar look and feel of general search engines, Indeed makes it easy for job seekers to drill down by keyword and location to jobs that fit their requirements precisely. Job seekers may also save their searches as email alerts or RSS feeds. Indeed.com was selected by Time magazine as one of the 50 Coolest Web sites for 2005. Indeed is a privately held company based in Stamford, Connecticut, founded by Paul Forster and Rony Kahan. For more information, please visit http://www.indeed.com .