Joveo, which operates a job advertising technology platform, announced that it has raised $5 million (approximately Rs 32 crore) in a Series A funding round, which was led by Nexus Venture Partners and saw participation from other angel investors.
The Hyderabad-based startup will use the funds to accelerate its product offerings, expand its partnerships and lastly, to scale its artificial intelligence and deep learning layer. The company’s platform enables companies or recruitment agencies to expand their reach to prospective recruits.
“Unlike others in the industry, we are a pure play technology which does not compete with agencies or job boards. We are completely agnostic. Ours is a transparent marketplace existing only to assist our partners. We will use the money for expanding our technology and platform,” Joveo Inc CEO Kshitij Jain said.
Earlier in the year, Joveo announced its acquisition of the New York based Ripple Media Inc, which is a programmatic media buyer that partners with agencies to provide trading expertise and an open publisher marketplace.
Joveo was founded in 2016 by Kshitij Jain. The startup provides programmatic job advertising solutions for recruitment agencies, recruitment processes outsourcing providers and job boards. Joveo currently has a clientele including 10 Fortune 500 companies using its product offerings.
Joveo is likely to face tough competition from major job-search and networking giants like Naukri.com, Times Jobs, and LinkedIn. In addition to these, certain startups in the space like Careesma, Empzilla, and Glassdoor etc. are also serious competitors of Joveo.
(Picture courtesy: FinSMEs)
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