GLASSDOOR SECURES $12 MILLION SERIES C ROUND LED BY BATTERY VENTURES
Investment Comes on Heels of Record Growth and Company’s Recent Expansion into Job Listings and Employer Engagement Arenas
SAUSALITO, Calif. (February 10, 2011) – Glassdoor Inc., which owns and operates Glassdoor.com, today announced it has secured $12 million in Series C funding led by Battery Ventures with participation by existing investors Benchmark Capital and Sutter Hill Ventures. This new round brings Glassdoor’s total capital raised since its founding in 2007 to $22.2 million. Glassdoor is a free jobs and career community where people can find and anonymously share information about companies, jobs, pay and even job interviews.
The additional capital is expected to be used to further accelerate the company’s growth by investing in international expansion, more data and advertising technology, and hiring. The investment comes on the heels of a pivotal growth year in which traffic grew nearly 150 percent over 2009 and Glassdoor expanded its product suite for job seekers and employers. In the two and half years since Glassdoor entered the market, it has grown to welcome 3.5 million monthly unique visitors and maintains employee-generated data, including company and compensation data in national currencies, on more than 110,000 companies in over 100 countries.
“Job seekers and employees have a hunger for all sorts of job-related data yet, until Glassdoor, it was hard to find basic salary details or information about the work environment on a per-job, per-company basis. Since we launched in 2008, we’ve seen demand for the jobs and company information we collect accelerate,” said Robert Hohman, Glassdoor co-founder and CEO. “As companies start to add the predicted 2.3 million jobs this year, we expect this demand to continue to grow and we’ll be investing in product development and staffing to further expand Glassdoor services for our community, employers and advertisers. We’re pleased to welcome Battery Ventures to our roster of enthusiastic investors.”
“As Internet and digital media investors, we’ve been watching user-generated content disrupt some of the most mature industries, and Glassdoor has a unique application that is transforming a very large market,” said Neeraj Agrawal, General Partner, Battery Ventures, who will assume a seat on the Glassdoor board of directors. “Glassdoor has built a great business that is well positioned to influence and advance the multibillion dollar online recruitment market.”
No other career-focused website offers the depth and range of data that Glassdoor does about specific jobs at specific companies – all for free. In addition to providing access to millions of job listings provided through several leading job sites and listing partners, Glassdoor offers users important company information provided by actual employees and job candidates, including company reviews and ratings; salary details for specific job titles; interview reviews and questions; office photos; and CEO approval ratings. To access Glassdoor’s full database, users simply need to “give to get” and contribute some job-related data of their own.
In the past year, Glassdoor introduced two key features that are contributing to its growth, including JobScopeTM search technology that allows job seekers to quickly scan a company’s rating, read company reviews and see compensation ranges directly from each job listing. The company also introduced Enhanced Employer Profiles that make it easy and cost-effective for companies to reach target job seekers and highlight employment attributes by expanding on the basic background and popular user-generated content that already exists for each company on Glassdoor.
Companies represented on Glassdoor include 100 percent of those that make up the Dow Jones Industrial Average, the Fortune 500 and the S&P 500. Already more than 20 percent of Glassdoor’s monthly traffic comes from outside the United States, most notably from Canada, India, United Kingdom, Australia and Singapore. Glassdoor’s in-depth, behind-the-scenes company data is sought after and frequently cited by media, business and investor groups as are its annual Employee’s Choice for Best Places to Work and Oddball Interview Questions lists.
# # #
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company’s life, from start-up and expansion financing, to growth equity and buyouts.
Battery has supported many breakthrough software and digital media companies, including: Akamai Technologies, Inc. (NASDAQ: AKAM), Infoseek (acquired by Disney), Internet Brands and Omniture (acquired by Adobe). Current companies in Battery’s portfolio include: Angie’s List, Bazaarvoice, Gogobot, Groupon, Jelli, SafetyWeb, and Skullcandy.
Battery’s venture capital investments range from as little as a few hundred thousand dollars in seed and early stage financing, to $50 million or more for late stage/expansion deals. From offices in Boston, Silicon Valley and Israel, Battery manages nearly $4B in committed capital, including its current fund of $750M. For more information, visit www.battery.com. Follow us on Twitter at @BatteryVentures.
Glassdoor.com is a free and anonymous jobs and career community offering an inside look at companies and access to millions of job listings. Glassdoor helps employees, job seekers, employers and recruiters find and share detailed information about more than 110,000 companies, such as Facebook, Accenture, AT&T, Oracle, Starbucks and UPS. This proprietary user-generated content includes salary data, company reviews, interview questions and reviews, office photos and CEO approval ratings. Glassdoor was founded in 2007 and launched its website in 2008. Headquartered in Sausalito, Calif. Glassdoor has raised $22.2 million from its founders, Benchmark Capital, Sutter Hill Ventures and Battery Ventures. More information about Glassdoor can be found on its blog, Facebook, and on Twitter.
Glassdoor.com is a registered trademark and JobScope is a trademark of Glassdoor, Inc.