Glassdoor Raises $70 Million From Google Capital, Tiger GlobalEric Newcomer
Glassdoor Inc. said it raised $70 million in a fundraising led by Google Capital and Tiger Global Management, as the jobs site plans to ramp up its expansion.
The financing values Glassdoor in the range of $1 billion, according to a person familiar with the matter, about double its valuation from a December 2013 fundraising. Google Capital is a new investor, while Tiger Global previously put money into the Mill Valley, California-based company. The round also includes Battery Ventures and Sutter Hill Ventures. Glassdoor has raised a total of about $160 million since its 2007 founding.
The site, which lets employees anonymously review employers and which sells display advertising and charges companies to modify some features of their profile pages, said it plans to step up its rollout internationally, hire more workers and develop new products. Glassdoor, which employs about 350 people, recently started its first non-English website in France.
The startup is raising money amid a flood of cash for privately held technology companies, fueled partly by funds like Google Capital and Tiger Global that invest large sums in later-stage companies.
“It’s a very good time to raise money,” said Glassdoor CEO Robert Hohman, who co-founded the company along with Zillow Inc. co-founder Rich Barton. “There’s a lot of capital available, especially for growth-stage companies that have a demonstrated business model. We fit that bill.”
Hohman declined to disclose the company’s valuation, revenue or whether it’s profitable. Glassdoor has 27 million registered users globally and more than 2,000 customers.
Glassdoor competes with LinkedIn Corp. and Indeed, the job search site purchased by Recruit Holdings Co. for an undisclosed sum in October 2012.
“What Indeed lacked was brand awareness, and user-generated content,” said Battery Ventures partner Neeraj Agrawal. “User-generated content is really a competitive moat that once you get it going, it’s very hard for others to catch up.”