If you’re an hourly worker, your options for finding new jobs are getting a little less. Job Gatea Boston-based startup that runs an hourly job-hunting site that includes social features, à la LinkedIn, is being acquired. SynagogueOne of its competitors in the US market.
JobGate claims it will be the largest job platform targeting hourly and front-line workers in the US, reaching 100 million people.
But clearly, that’s not its user base—JobGet doesn’t disclose how many active users it has, except to say it’s working with tens of thousands of users and securing millions of jobs. Help has been received. Synagogue They say It has 3.6 million monthly active users and has filled 40,000 jobs across 14,000 employers.
Financial terms of the deal are not being disclosed. But for context, JobGet was last valued at $440 million when it raised $52 million in 2022. The pitch book. The database notes that JobGet also raised an undisclosed amount from Flow Capital this month, though JobGet disputes this. Flow and JobGate were already familiar: In June of this year, JobGate acquired the recruiting software provider in Flow’s portfolio. workAlso for an undisclosed amount.
The picture is a bit cloudy for Snagajob. The company has been around for almost 25 years (yes, dating back to the first dot-com boom). $387 million Overall from investors including StarVest and Rho Ventures. But its last valuation of $178 million on PitchBook is from a decade ago, so it’s unclear how that relates to today’s value.
As for why it’s now sold to JobGate, it’s likely part of the inevitable consolidation in the space.
Over the past several years, we’ve seen a flurry of activity among tech companies creating social, recruiting, and management tools targeting hourly workers.
Microsoft Teams and the now-defunct Metta Workspace were developed as tools for manual workers, in part to differentiate themselves from Slack. Dozens of startups, including JobGet, have launched and raised tens of millions of dollars to target opportunities for frontline, wage, and hourly workers. Recent examples include $28 million for Team Bridge, $8.5 million for Bandana, $85 million for Fountain, and $175 million for Wagestream.
This makes for a crowded — and perhaps over-capitalized — market, especially at a time when the entire game is suddenly changing with AI. Also, funding for later-stage startups isn’t as strong as it used to be.
That means more companies are getting together to get better scale around the technology they’re investing in.
JobGet, in keeping with LinkedIn’s analogy, has social mechanics, describing itself as “built for the needs of the TikTok generation”. One of its features is “JobGenie,” which it likens to a “for you” page that uses AI and other tools to personalize job recommendations for users. It also has built-in instant interview scheduling and other features to shorten the time between finding an opening and securing a new position.
“With access to resources on JobGet’s platform, Snagajob job seekers and employers will continue to have a best-in-class experience and make meaningful employment connections,” said Snagajob CEO Keith Forcio. In particular, Snagajob users seem to fit well with JobGet’s TikTok remit – its trending searches include a variety of jobs for teenagers.
Tony Liu, founder and CEO of JobGet, said in a statement, “JobGet was founded to address a real, urgent need: the challenge that everyday workers face when looking for jobs and Employers are faced with looking for quality candidates.” “With Snagajob as part of our platform, we continue our mission of creating accessible employment pathways for everyday workers while helping employers connect with quality candidates quickly and efficiently. Empowering.”
Credit : techcrunch.com
