Nexus Venture Partners pumps $5 million into jobs platform Joveo
San Francisco-based job advertising technology platform Joveo raised $5 million in Series A funding led by Nexus Venture Partners. The funds raised will be used to accelerate the company's product offerings, expand its partnerships, and scale its Artificial Intelligence and Deep Learning layer.
The company also has operations in India. Founded by Kshitij Jain, Joveo’s core team includes serial entrepreneurs, and people with expertise in the tech space. The duo had earlier also founded Mobolt, a human resources technology platform, which was later acquired by Indeed. Joveo has 10 Fortune 500 companies in its portfolio.
Kshitij adds that Joveo’s vision is to build a democratic online jobs marketplace by enhancing the reach and targeting of job boards and agencies. He adds that unlike others in the industry, Joveo works as a pure-play technology, which does not compete with agencies or job boards.
Ram Gupta, Managing Director, Nexus Venture Partners, said Joveo was one of the few to develop a true programmatic job advertising technology which is simple, transparent and easy to use.
According to a 2015 KPMG report, the recruitment industry was at $1 billion globally, and yet, less than 10 percent of this has been captured by any structured organised player. Today there are several platforms like Belong, which is backed by Sequoia Capital and Matrix Partners, there is Evenrank and now Shortlist, which look at recruitment differently.
“Ours is a transparent marketplace existing only to assist our partners. With the backing of Nexus Venture Partners, we are poised to significantly increase our reach and create the first AI-based job advertising platform. I am very excited to kick start this next stage of growth,” said Kshitij.
Sameer Brij Verma, Managing Director, Nexus Venture Partners, said in a press statement, "We believe that their next-generation programmatic recruitment platform and integrated apply/click optimisation technology will allow the talent management function at enterprises, RPOs, job boards and recruitment agencies to radically improve their hiring efficiency at substantially lower cost-per-hire while accessing a much larger candidate pool outside the current job-board ecosystem.”