New York, NY - TheLadders.com, the countryís largest online job search service catering exclusively to the $100k employment market, today announced that it has secured $7.25 million in financing from top venture capital firm Matrix Partners.
TheLadders.com was founded in July 2003 by Marc Cenedella, the former Senior Vice President, Finance & Operations at HotJobs.com, who shepherded that companyís sale to Yahoo!, Inc. (NASD: YHOO) in 2002. Now reaching over 170,000 readers and listing over 3,000 new $100k jobs each week, TheLadders.com has quickly captured a significant portion of the high-end employment market.
A major driver of TheLadders.comís rapid growth and wide acceptance among both job seekers and recruiters has been its business model, which turns the traditional job board model upside-down. The companyís revenues are derived not from employers, but from job seekers who pay a monthly subscription fee for premium access to all job listings. Employers and recruiters are able to post jobs free of charge. This distinction enables TheLadders.com to keep unqualified job candidates out of the applicant pool and to provide a greater number of pre-screened, high-end job listings than any other source. The company also maintains a basic job leads newsletter for which it does not charge a fee.
ìPeople in the higher reaches of the pay scale have traditionally had a very hard time breaking through the clutter of the online job search,î explained Cenedella. ìI designed TheLadders.com based on my experience in the Internet recruiting business to address the fundamental concerns of this underserved portion of the job market. With this financing, we will be able to carry that expertise even deeper into the $100k job market, reaching executives in increasingly specialized industries and around the globe.î
Rarely have I seen a company develop such a broad and loyal following so rapidly, said Nicholas Beim, General Partner at Matrix Partners. For anyone seeking a $100K job or simply interested in knowing what high-end jobs are available in their industries and geographical areas, TheLadders.com’s newsletters have proven extremely valuable. Under the terms of the agreement, Beim will join the board of directors of TheLadders.com
TheLadders.com Secures $7.25 Million in Expansion Capital
Online Executive Job Search Service Gains Rapid Following by Inverting Traditional Business Model
