TheLadders Secures Funding
A-List Investors Rally Around Second Generation Online Job Search Engine
NEW YORK (April 20, 2004) - Reigniting the spark in New York's technology venture community, TheLadders.com, a new job search service for the $100k+ segment of the employment marketplace, has secured its first round of funding. Founded by Marc Cenedella, the former Senior Vice President, Finance & Operations, at HotJobs.com, who shepherded that company's sale to Yahoo!, Inc. (NASD: YHOO) in 2002, TheLadders.com has rapidly gained the support of a group of well-known investors.
The VC Environment Circa 2004
Quick to embrace the company's unique strategy for the underserved high-end job market, investors in the start-up include a group of private investors from the banking and technology industries, as well as the following individuals:
- Kevin Ryan, CEO, DoubleClick (NASD: DCLK) and Board Director, HotJobs.com
- Tom Matlack, Megunticook Management
- Robert Chefitz, NJTC Venture Fund
"I was drawn to TheLadders.com because the company has a laser focus on an enormously valuable slice of the employment marketplace that has not yet been addressed," said Kevin Ryan, CEO, DoubleClick. "Where do you turn if you are a Managing Director or an EVP looking for a new position? There have not been a lot of options for these professionals. Marc's insights into this space and the great business model made TheLadders.com a stand-out investment opportunity."
Asked about the current venture climate for new Internet companies, TheLadders.com President, Cenedella, explained: "It's a different environment this time around, but so many of the obstacles that existed in 1999 have disappeared. Technology has proven its usefulness in people's lives in everything from Google search to personals to job information. It's a more rational world where the fundamental business model and the people behind it are valued above all else."
The Business Model
TheLadders.com addresses the specialized needs of the high-end market by turning the traditional recruitment business model upside down. Each month, the TheLadders.com team of experts reviews over 80,000 jobs to select 5,000 sales jobs, marketing jobs and finance jobs for inclusion in their weekly newsletters.
The company searches the Internet for job postings, or, alternatively, employers can post jobs free of charge - a critical difference from traditional job boards because it enables TheLadders.com to list every appropriate $100k+ job opening on the market, not just paid listings. This distinction allows TheLadders.com to filter out any questionable job listings that do not meet the company's standards for credibility. TheLadders.com also does not charge a fee for its basic job leads newsletter for job seekers. Instead, it generates revenues by offering a premium service to job seekers, which includes a greater number of job listings, more detail, early delivery, and more features for $30 per month. TheLadders.com's premium service fee keeps unqualified candidates out of the applicant pool and, thus, encourages employers to look at TheLadders.com applicants first.