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Built In, a startup fostering tech talent pools in cities around the U.S., today announced that it has recently closed a $22 million series C funding round led by Updata Partners. The fresh capital, a portion of which was contributed by existing investors, including Math Venture Partners, brings the company’s total raised to around $30 million and will fuel expansion of Built In’s footprint and its ongoing product development efforts.
“The digitally native generation in today’s workforce seeks collaborative, purpose-driven workplaces that value their talents,” said cofounder and CEO Maria Christopoulos Katris in a statement. “We help them connect with their local tech communities, grow professionally, and discover opportunities at companies they believe in. We couldn’t be more excited to partner with Updata to expand nationally and offer personalized experiences to help professionals learn and excel in their careers.”
Built In, which was founded in 2011 as a social network and blogging platform focused on startups, operates geographically targeted web hubs for Austin, Boston, Chicago, Colorado, Los Angeles, New York City, and Seattle. These serve over 1,800 companies and a million registered monthly users combined. The company creates custom editorial and video content and hosts recruitment events on behalf of clients searching for qualified candidates. It claims these efforts usually result in more than 15 applicants per job at 65% less than the average cost per hire.
“The market opportunity ahead of Built In is incredibly exciting,” said Updata Partners general partner Carter Griffin, who plans to join Built In’s board of directors. “In addition to low unemployment and the continued growth of the tech sector, more companies than ever are undergoing digital transformations to stay competitive. Success hinges on engaging the tech community.”
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Would-be employees can search jobs, prospective employers, and upcoming events on Built In’s city-specific portals and bookmark any that catch their eye. A salary comparison tool enables them to view titles and industries by average income, while Built In’s directory lets them create alerts for new job listings posted by particular startups. In addition to available positions, each company page provides key points about the hirer, such as its total funding raised to date, the size of its local and national (or international) workforce, and typical benefits.
Business is booming in the recruiting software market, which some analysts project will reach $2.7 billion by 2022. Built In competes with SmartRecruiters, which raised $50 million in May for its enterprise-focused recruitment platform designed to help companies find, select, and hire new talent. Another rival is San Francisco-based Hired, a talent marketplace with an inverse recruitment model that has companies apply to hire employees.
But Built In claims that despite the competition, its geo-targeted online jobs marketplace sees engagement rates exceeding 90% each week and more than 24,000 daily job searches. Furthermore, it says clients like GrubHub, HomeAdvisor, Shyft Analytics, Yellow, MomentFeed, and Social Solutions have tapped its recruitment tools to fill roles.
“When we first invested in Built In in 2015, they were a small team with a very big vision,” said Math Venture Partners managing director Troy Henikoff. “It is rare to see a company thoughtfully transform and consistently deliver best-in-class KPIs and growth with so little outside capital. Maria and her team consistently deliver to their customers, users, and investors, and I could not be prouder to partner with them on this journey.”
Built In currently employs 100 people, and it intends to double the size of its team in the next 12 months.
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