Joveo, a startup which runs a job advertising technology platform, has raised $5 Mn in a Series A round of funding led by Nexus Venture Partners. The Hyderabad-based startup will be using the funds to accelerate its product offerings, expand its partnerships and scale its AI and deep learning layer.
Apart from the fundraise, the company also announced the acquisition of Ripple Media Inc., a programmatic media buyer that partners with agencies to provide an open publisher marketplace and trading expertise.
Speaking of the developments, Kshitij Jain, Founder and CEO, Joveo Inc. has stated, “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. With the backing of Nexus Venture Partners, we are poised to significantly increase our reach and create the first AI-based job advertising platform.”
Founded in 2016, Joveo’s founding team includes serial entrepreneurs, several early employees of the ad-tech space and individuals with ties to job boards and recruitment platforms. Kshitij and Scott Garrett were also the founders of Mobolt Inc., an app technology platform, which was later acquired by Indeed.
Recently, Joveo added Abhinav Gupta to it’s Advisory Group. Abhinav has deep roots in the consumer ad tech space and most recently served as the Co-founder and CTO of Rocketfuel.
Speaking about the latest funding Joveo, Sameer Brij Verma, Managing Director of Nexus Venture Partners said, “We are thrilled to partner with the team at Joveo on their mission to disrupt the recruitment industry.”
Sameer claimed, “We strongly believe that their next-generation programmatic recruitment platform and integrated apply and click optimisation technology will allow the talent management function at enterprises, RPOs, job boards and recruitment agencies to radically improve their hiring efficiency at substantially lower cost-per-hire while accessing a much larger candidate pool outside the current job-board ecosystem.”
Joveo currently has 10 Fortune 500 companies using their offerings.
Although, the startup is showing signs of a promising future, it is likely to face a major competition from job-search and networking giants like Naukri.com, TimesJobs and LinkedIn. Other startups like Careesma, chat-based job search mobile app Empzilla, Glassdoor, etc. will also pose serious competition for Joveo especially since, following the government’s dictums to push the Digital India mission, many startups have emerged with innovative technology-based solutions including Empzilla is a chat-based job search mobile app.
The last funding in the online job search sector was secured by AI-based HRTech startup Skillate from Incubate Fund India.