Jobandtalent successfully raises new $500M Series E to keep scaling its ‘workforce as a service’ marketplace
Spain’s Jobandtalent, a “workforce marketplace”-cum-digital temping agency which uses AI to match workers to casual labor gigs in sectors like warehousing, ecommerce and logistics, has closed a $500 million Series E round of funding led by Kinnevik and with what it bills as a “significant” follow on by SoftBank VisionFund 2.
Existing investors including Atomico, DN, Infravia, Kibo and Quadrille also participated in the round — which the startup said values its business at $2.35BN (post-money).
Alongside the equity raise, the 2009-founded startup has secured another chunk of debt financing ($75M) from Blackrock.
Jobandtalent says the latest funds will be used to accelerate its expansion in key markets, including the US — its most recent focus. Earlier this year (March), it announced a $120M Series D (as well as $100M in debt financing) which it said it would use to enter the US.
Flush with Series E cash, it plans to “significantly” increase the size of its tech and sales team over the next two years, and also says it will add “key” exec roles — as it seeks to scale in the US and deepen its business in Europe.
Currently it offers a temporary labor service in nine markets globally: Spain, the UK, Germany, France, Sweden, Portugal, Mexico, Colombia and the US — matching workers looking for temp roles with employers in need of casual labor in (with a focus on sectors like manufacturing and logistics).
“Jobandtalent is by far the largest job platform in Europe. We are just starting to grow in the US, and this round of funding will help us accelerate those plans and become market leaders there as well,” the startup told us.
Its gig-finding pitch also comes with a promise of “stability” for the temps on its books — via an AI-aided pipeline of “consistent work”; and benefits for temps that it says are more akin to being employed (and can include pensions, sick and holiday pay, health insurance, and training courses).
Temp workers apply for and manage roles, submit paperwork, sign contracts, and get paid via the Jobandtalent app — so it’s streamlining and taking over a range of back office functions for employers dealing with temps (who it directly employs) in addition to helping simplify the process of finding work (and, indeed, being paid for it) for those who rely on seasonal and/or temp gigs to earn a living.
Its UK website includes fairly visible links to a whistleblowing policy and a statement on modern slavery — as well as a link to (multi-lingual) instructions on reporting hidden labor exploitation.
The startup touts an average NPS score for workers on its platform of 56 vs an industry average that it says stands at just 18.
In the first nine months of 2021, Jobandtalent says its platform was used to match more than 100,000 workers to casual roles. (That’s up on since earlier this year, when it said more than 80,000 workers had used its marketplace to find temporary roles at that point.)
It also says more than 1,300 companies are now signed up to source workers via its platform, including DHL, FedEx, XPO, Ceva Logistics, eBay, IKEA, Kuehne & Nagel, JD Sports, Ocado, Sainsbury’s, Argos and GLS — up from 850+ companies back in March.
Its business growth rate is 130% annually, with Jobandtalent adding that it’s been EBITDA positive since the second half of 2020. It also told us its annual revenue run rate is now more than €1BN.
“Even with the current pressure in the labour market, we are able to find and match workers with roles at a much higher success rate than other,” suggested Juan Urdiales, co-founder and CEO, in a statement. “We are excited to accelerate the expansion of our team and grow our presence in both new and existing markets — helping more workers find the jobs they want, and helping businesses fill the roles they need.”
Also commenting on the funding in a statement, Natalie Tydeman, senior investment director at Kinnevik, added: “Jobandtalent’s workforce-as-a-service platform is disrupting the modern labour market and placing people back at the centre of employment. By offering a personalised service driven by data and proprietary technology, Jobandtalent is simplifying the experience of finding work for thousands of people and transforming it for the better. We’re proud to be working with Juan and the team to accelerate the growth of the business.”