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TheLadders Secures $7.25 Million in Expansion Capital
Online Executive Job Search Service Gains Rapid Following by Inverting Traditional Business Model <BackNEW YORK (November 8, 2004) - TheLadders.com, the country's largest online job search engine catering exclusively to the $100k+ employment market, today announced that it has secured $7.25 million in financing from top venture capital firm Matrix Partners.
TheLadders.com was founded in July 2003 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. Now reaching over 175,000 readers and listing over 3,000 new $100k+ jobs each week, TheLadders.com has quickly captured a significant portion of the high-end employment market.
A major driver of TheLadders.com's rapid growth and wide acceptance among both job seekers and recruiters has been its business model, which turns the traditional job board model upside-down. The company's revenues are derived not from employers, but from job seekers who pay a monthly subscription fee for premium access to all job listings. Employers and recruiters are able to post jobs free of charge. This distinction enables TheLadders.com to keep unqualified job candidates out of the applicant pool and to provide a greater number of pre-screened, high-end job listings than any other source. The company also maintains a basic job leads newsletter for which it does not charge a fee.
"People in the higher reaches of the pay scale have traditionally had a very hard time breaking through the clutter of the online job search," explained Cenedella. "I designed TheLadders.com based on my experience in the Internet recruiting business to address the fundamental concerns of this underserved portion of the job market. With this financing, we will be able to carry that expertise even deeper into the $100k+ job market, reaching executives in increasingly specialized industries and around the globe."
"Rarely have I seen a company develop such a broad and loyal following so rapidly," said Nicholas Beim, General Partner at Matrix Partners. "For anyone seeking a $100K+ job or simply interested in knowing what high-end jobs are available in their industries and geographical areas, TheLadders.com's newsletters have proven extremely valuable." Under the terms of the agreement, Beim will join the board of directors of TheLadders.com.
About TheLadders.comHeadquartered in New York, TheLadders.com, Inc. is a privately held company offering online job search services to recruiters and job seekers in the $100k+ employment market. Ex-HotJobs.com executive Marc Cenedella founded TheLadders.com in 2003 to address the unique job seeking and recruiting requirements in this market sector. Investors include leading venture capital firm Matrix Partners and prominent private investors such as Kevin Ryan, CEO, DoubleClick, Tom Matlack, Megunticook Management, and Robert Chefitz, NJTC Venture Fund.
In addition to its primary member-based site, the Company operates vertical job search Web sites for sales, marketing, finance, human resources, law, technology, and operations. All sites feature daily job updates as well as industry-specific weekly e-newsletters. For corporate and executive recruiters, TheLadders.com delivers the same highly personalized experience. TheLadders for Recruiters (www.recruitladder.com) enables them to easily post $100k+ job openings at no charge. The Company further differentiates itself from other online job boards that fall prey to fraudulent job postings by implementing human mediated search, ensuring all job postings are fully qualified before being published to members.
More information about TheLadders.com can be accessed at www.theladders.com.
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Media Contacts
Maria Schiller
TheLadders.com
646-453-1913
maria.schiller@theladders.com