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TheLadders.com Secures Funding
A-List Investors Rally Around Second Generation Online Job Search Engine <BackNEW 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.
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.
Note to editors: Trademarks and registered trademarks remain the property of their respective owners.
Media Contacts
Maria Schiller
TheLadders.com
646-453-1913
maria.schiller@theladders.com