For years, Glassdoor has served as a way for employees to vent about their companies and bosses. It’s become a business that investors are increasingly eager to support.
The six-year-old start-up said on Thursday that it had raised $50 million in new financing, nearly doubling its total fund-raising to $93 million. The latest round was led by Tiger Global Management and includes a new investor, Dragoneer Investment Group, and existing backers Battery Ventures, Benchmark Capital, DAG Ventures and Sutter Hill Ventures.
It’s a big move by Glassdoor, a job listings site that has gained some infamy for letting people rate their employers and leave anonymous reviews. The company promotes itself as a way for job applicants to gain insight into work conditions and salaries, though the business has also become a forum that lets workers vent about â€" or praise â€" their superiors and colleagues.
Since opening its virtual doors in 2008, the company has grown to 22 million members in 190 countries, with compound annual revenue growth of roughly 160 percent. It has also garnered corporate clients like Facebook and Nordstrom, many of whom subscribe to additional analysis and recruiting tools.
“Glassdooor has rapidly become a critical player in the global recruiting market due to its extensive content platform and data insights that benefit both job seekers and employers,†Lee Fixel, a partner at Tiger Global, said in a statement.
The new money will help Glassdoor continue to expand internationally, building on an audience that already represents a quarter of its traffic. The financing will also help add an estimated 100 new employees to the company’s existing staff of 200.
“This additional capital will allow us to further accelerate our growth and capitalize on our sweet spot at the intersection of social, mobile, and data to deliver on our mission to help people find the jobs and companies they love,†Robert Hohman, a co-founder of Glassdoor and its chief executive, said in a statement.
