Temporary Staffing Startup Jobandtalent Valued at $2.4 Billion
(Bloomberg) -- Madrid-based firm Jobandtalent has raised $500 million in new equity funding to expand its workforce marketplace matching individuals with temporary roles, as demand for such staffers rises amid tightening labor markets around the world.
Founded in 2009, the company's latest financing round led by Swedish investor Kinnevik AB with participation from SoftBank Group Corp.'s Vision Fund 2 gives the company a $2.35 billion valuation, according to a statement shared with Bloomberg. The company also said it secured $75 million in debt financing from BlackRock Inc.
Both SoftBank and BlackRock also invested in Jobandtalent's previous $218 million funding round in March.
Companies have been boosting wages and offering more flexible conditions to help fill job openings as many firms face labor shortages. Jobandtalent helps more than 1,300 companies such as FedEx Corp. and eBay Inc. to find temporary workers and says its platform is more effective than others at matching people with jobs even while many firms struggle to find enough workers.
“We are in a situation where we can see a shortage of supply for workers in all of the countries where we operate,” said Juan Urdiales, chief executive officer and co-founder, in an interview. “In that context the demand from the companies for products like the one that we're offering has heavily increased.”
Urdiales said that top jobs being posted for on the platform include van and food delivery drivers, and warehouse operators. He also said the company isn't contemplating an initial public offering as the company this year reached 1 billion euro ($1.1 billion) annual revenue run rate.
The new financing will help the company expand in key markets such as the U.S., and build out its technology and sales teams over the next two years. It placed more than 100,000 workers into roles during the first nine months of this year, according to the statement.
Read more: SoftBank and BlackRock Invest $218 Million in Jobandtalent
©2021 Bloomberg L.P.
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