LinkedIn Rival Backed by Li Ka-Shing Seeks Funds to Grow in U.S.by
Germany's Jobspotting website has about 300,000 users
Talks with potential investors start this week, executive says
Jobspotting GmbH, a German LinkedIn Corp. rival backed by Hong Kong billionaire Li Ka-shing’s Horizon Ventures, is seeking funding to expand its online recruitment offering to the U.S. and other markets.
Jobspotting, a site that links about 300,000 users with job opportunities, will start talks with potential investors to raise money to add more job categories, languages and enter new markets, Chief Operating Officer Robin Haak said Wednesday.
“We’re looking for a strong partner and are talking to the usual suspects,” Haak, who co-founded the Berlin-based company in 2013, said by phone. “We’re seeking a close by April.”
Job websites could boost the global economy by $2.7 trillion and add 72 million full-time jobs by 2025 by more effectively linking individuals with work opportunities, according to McKinsey. Jobspotting, which partners with Monster Worldwide Inc. and competes with LinkedIn and Indeed Inc., in April secured a six-digit-euro investment from Li’s Horizons Ventures, which has previously funded companies including Facebook Inc. and Spotify Ltd.
Jobspotting, which is adding 20,000 new listings a day, will Wednesday launch 200,000 company profiles that can be managed and analyzed by HR departments, Haak said. Jobspotting, which says its user base is growing at 20 percent a week, seeks to become profitable by July next year by monetizing some extra features for companies, he said.