{"id":3623,"date":"2016-02-04T08:00:46","date_gmt":"2016-02-04T14:00:46","guid":{"rendered":"http:\/\/splitrock.com\/?p=3623"},"modified":"2016-02-04T08:00:46","modified_gmt":"2016-02-04T14:00:46","slug":"hourly-worker-powerhouse-snagajob-secures-100-million-in-funding","status":"publish","type":"post","link":"https:\/\/splitrock.com\/?p=3623","title":{"rendered":"Hourly Worker Powerhouse Snagajob Secures $100 Million in Funding"},"content":{"rendered":"

Major Investment To Fuel Growth as the Company Further Mobilizes The Hourly\u00a0Workforce<\/strong><\/p>\n

ARLINGTON, Va. – February 4, 2016 \u2013 Snagajob, America\u2019s largest marketplace for hourly work,\u00a0has completed a $100 million Rho Acceleration-led investment with NewSpring Capital and the\u00a0Invus Group. The company will use the proceeds to expand its product offerings and fund select\u00a0acquisitions.<\/p>\n

Founded in 2000, Snagajob is America\u2019s largest marketplace for hourly job seekers and\u00a0employers through its work with over 65 million members and nearly 200,000 employers,\u00a0including nearly half of the companies on the Fortune 1000 list and many of the country\u2019s most\u00a0recognizable brands. The company has redefined and optimized sourcing, recruitment,\u00a0onboarding and management solutions for the hourly worker industry. This investment will help\u00a0accelerate Snagajob\u2019s vision of offering a fully mobile, on-demand hourly hiring process while not\u00a0compromising quality or accuracy.<\/p>\n

\u201cIts an exciting time for our industry. However, it’s unfortunate that in the age of on-demand\u00a0everything, the average hourly job seeker is offered no greater efficiencies when looking for a\u00a0job,\u201d said Peter Harrison, CEO of Snagajob. \u201cIt should only take minutes to secure hourly work,\u00a0not the days and weeks it takes today. This new funding, coupled with the fact that almost a\u00a0million workers are creating new profiles on Snagajob every month, will dramatically accelerate\u00a0our realization of this vision.\u201d<\/p>\n

The investsment follows a period of massive growth for the company. Since 2013, Snagajob has\u00a0nearly doubled its revenue derived from employers and more than doubled its mobile traffic. The\u00a0company now serves nearly a million job applications a week with over half of these from a\u00a0mobile device and with a completion rate more than 10 times the industry average. The company\u00a0also grew its own workforce by 30 percent over the past two years, has expanded its offices into\u00a0Washington, D.C. last year and is already looking for additional office space.<\/p>\n

\u201cThe tightening labor market, growing ubiquity of mobile devices and the rise of the on-demand\u00a0economy, provide the perfect storm for Snagajob to transform the way hourly workers find work\u00a0and employers find workers,\u201d said Habib Kairouz, managing partner at Rho Acceleration. \u201cWe are\u00a0excited to partner with an industry leader as it accelerates its unique vision.\u201d<\/p>\n

As part of the transaction, Habib Kairouz of Rho Acceleration and Marc Lederman of NewSpring\u00a0Capital will serve on Snagajob\u2019s board of directors. Over the last year, Harrison has also brought\u00a0on several new executive team members to lead key areas of the company, working to scale the\u00a0business to the next level and capitalize on its market leadership.<\/p>\n

Raymond James served as financial adviser to Snagajob in this transaction.<\/p>\n

About Snagajob<\/strong><\/em><\/p>\n

With over 65 million members and one million new members every 35 days, Snagajob is America\u2019s #1 spot\u00a0for hourly work and is helping transform the marketplace for on-demand hourly workers through innovative\u00a0technology. Our mission is to put people in the right fit-positions so they can maximize their potential and live\u00a0more fulfilling lives. Since 2000, we have been responsible for creating products that make instant and\u00a0quality connections between workers and employers across a variety of industries, including restaurant,\u00a0retail, hospitality and healthcare. For more information, visit snagajob.com<\/a> or follow us @snagajob.<\/em><\/p>\n

About Rho Acceleration<\/strong><\/em><\/p>\n

Rho Acceleration, a division of Rho Capital Partners, makes control-oriented investments in middle market\u00a0software and digital media companies. We partner with management teams to build industry leading\u00a0companies by accelerating growth and the path to scale through new organic initiatives and strategic add-on\u00a0acquisitions. Rho is a global private equity firm with over three decades of experience investing in and\u00a0partnering with technology companies. The firm’s deep sector knowledge and operational expertise can help\u00a0companies realize their full potential. Rho was founded in 1981 and manages approximately $1.4 billion with\u00a0offices in New York, Palo Alto, and Montreal. To learn more about Rho, please visit rho.com.<\/em><\/p>\n

About NewSpring Capital<\/strong><\/em><\/p>\n

NewSpring Capital is a leading provider of private equity capital focused in the Mid-Atlantic region. The Firm\u00a0manages over $1 billion across four distinct strategies covering the spectrum from growth equity and control\u00a0buyouts to equity and mezzanine debt. NewSpring Capital combines deep operating knowledge with\u00a0financial and investing expertise to provide growing companies the financial resources, advice, network of\u00a0contacts and strategic partnerships necessary to develop their businesses into market leaders. This\u00a0philosophy has been a key tenet of NewSpring Capital\u2019s approach and the success of its current and former\u00a0portfolio companies demonstrates the Firm\u2019s commitment. To learn more about NewSpring Capital, please\u00a0visit newspringcapital.com.<\/em><\/p>\n

About The Invus Group<\/strong><\/em><\/p>\n

The Invus Group is a global investment firm whose mission is to empower entrepreneurs to transform their\u00a0industries. With the same group of family investors since its founding 30 years ago, Invus invests over $5\u00a0billion in an evergreen fund structure out of offices in New York, Paris and Hong Kong. To learn more about\u00a0Invus, please visit invus.com.<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Major Investment To Fuel Growth as the Company Further Mobilizes The Hourly\u00a0Workforce ARLINGTON, Va. – February 4, 2016 \u2013 Snagajob, America\u2019s largest marketplace for hourly work,\u00a0has completed a $100 million Rho Acceleration-led investment with NewSpring Capital and the\u00a0Invus Group. The company will use the proceeds to expand its product offerings and fund select\u00a0acquisitions. Founded in […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[32],"tags":[],"class_list":["post-3623","post","type-post","status-publish","format-standard","hentry","category-portfolio-company-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/splitrock.com\/index.php?rest_route=\/wp\/v2\/posts\/3623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/splitrock.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/splitrock.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/splitrock.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/splitrock.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3623"}],"version-history":[{"count":0,"href":"https:\/\/splitrock.com\/index.php?rest_route=\/wp\/v2\/posts\/3623\/revisions"}],"wp:attachment":[{"href":"https:\/\/splitrock.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/splitrock.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/splitrock.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}