HotJobs.com Gets $16m in First-Round Funding

Computergram International, May 24, 1999

HotJobs.com Ltd, the New York-based company which operates an internet-based job recruitment service, says it has bagged $16m in venture funding. The funding, which represents the initial round for the company, was provided by a group led by private investment firm Generation Partners, and which included Bessemer Venture Partners and Boston Millennia Partners.

The company says it will use the cash raised for working capital, to expand its infrastructure and workforce, and to fund increased marketing activity. HotJobs claims to have attracted a slew of high-profile companies to use its service for their recruitment needs, including IBM, AT&T, Hewlett-Packard, Yahoo, Oracle and Sun Microsystems. Its main competitor is Monster.com Inc, which has spent considerably on television advertising.