Comparably has raised additional capital needed to support the growth of its job placement service. The company revealed that it has received $7.25 million from a slew of participants, including Greycroft Partners (which led the round), Comcast Ventures, Crosslink Capital, Upfront Ventures, Lowercase Capital, Alpha Edison, Cornerstone on Demand, Accelerator Ventures, and Rincon Ventures.
With the latest infusion of money, Comparably said it plans to further develop tools to help monitor the job market while bringing more companies on board.
Launched last year by Docstoc cofounder Jason Nazar, Yammer cofounder George Ishii, DebtMarket cofounder and former Docstoc chief operating officer Mike Sheridan, and InvestedIn cofounder Yadid Ramot, Comparably seeks to provide transparency as it pertains to wages and insights into company culture. “Our mission is to make work better, and the first way to do this is to provide transparency around compensation and culture,” Nazar once told VentureBeat.
In the past year, the company has added new features, including ones to help employees better understand how much equity they should get, compare salaries, and search for your dream job while still gainfully employed. Comparably also has offerings geared towards the business end, providing companies insights into salaries across entire industries to better understand how to compensate their talent.
Going up against LinkedIn, Glassdoor, and a bevy of other job placement services isn’t easy, but Comparably appears to be resonating, at least with the tech sector, since that’s the current market it’s targeting. More than 1,500 companies are using its employer tools, including recruiters from Netflix, Intuit, Twitter, Uber, Dell, Warner Brothers, Amazon, Adobe, ADP, Snap, and Tinder.
Nazar claimed that there are two reasons why employers are attracted to what Comparably is doing. The first is how it looks at jobs: “We’re aggregating a large audience of tech candidates [from Google, LinkedIn, Facebook] and these are folks that are actively looking for a job, but gainfully employed at top companies. The fact that [our] companies have access to talent at [Google, LinkedIn, Facebook] wanting to work at their company is powerful,” he proclaimed. The second is that Comparably lets companies stack their culture against their biggest competitor.
“The big thing we’re excited about is that we’ve kind of cracked the code on a product experience to help people monitor the job market,” Nazar explained. He declined to disclose the number of users that Comparably had, but said more than 2 million people were using the product in the first calendar year after launching in beta in November 2015.
This is the second time Comparably has raised funds — it last pursued venture capital in 2015 when it landed $6.5 million. To date, it has received nearly $14 million in investments.