Fresh funding round sets next growth stage for Switch, fueled by enhanced product features as well as expanded jobseeker and hiring manager awareness.
Switch (iOS, Android), revolutionizing the way talented professionals find jobs and companies reach them, announced today it had completed an additional $4M financing, bringing its total funding to $6.4M. The round was led by SEEK, the global employment leader headquartered in Melbourne, Australia. Switch will use the additional capital to continuously evolve its job matching algorithms, grow its marketplace, develop strategic partnerships and expand its user base.
“As job searching and recruiting talent get more sophisticated and competitive, we believe there will be strong demand for Switch’s intuitive mobile experience enabled by its algorithmic approach,” said Ronnie Fink, SEEK Corporate Development Director who led the deal. “As an online employment leader in some of the world’s largest markets, we see real opportunities to leverage Switch’s job marketplace capabilities and expand its footprint.”
“We are witnessing the impact of a new generation of job seekers – and recruiters – across the globe,” said Simon Lusted, SEEK Group Strategy Director. “Millennials and iGen rely more and more on discovery versus search, which is why they love using Switch. And underpinning the emotionally compelling Switch user experience is serious algorithmic thinking that’s matching talent with truly relevant roles, at the right moment.”
In addition to SEEK, investors Rhodium, Marker and Metamorphic Ventures, as well as Colle Capital and Frontier Ventures participated in the round. Previously Switch raised $2.4M from Marker, Rhodium, Metamorphic, 500 Startups and angel investors in a round completed a year ago.
Since launching in January of 2015, Switch has focused on changing how people in 5 strategic economic sectors in the greater San Francisco and New York City job markets find life-changing jobs. Increasingly rapid adoption is allowing Switch to show substantial value, with half a million jobseekers downloading its mobile app and thousands of recruiters signing up on the platform. Advertising agencies, technology firms, media, banks, hedge funds and retailers are some of the industries using Switch to transform how they connect with and hire the market’s strongest talent.
Switch is attracting corporate recruiters and hiring managers at companies of all sizes such as Yahoo, Google, Facebook, Twitter, Tesla, Microsoft, Citi, NBCUniversal, MediaCom, MRM//McCann, Uber, Amazon and many more. 93% of Switch’s job seeker community has attended a top 100 school in the U.S, and over 70% currently work at a Fortune 1000 company. While Switch’s community is largely comprised of people who have a job (passive job seekers), 81% have recently declared they are actively looking for a new job.
“We started Switch because we knew the prevailing job search paradigm was beyond broken. Now we’re making it far easier and more appealing for in-demand, passive job seekers to find their next great opportunity -- and do it discretely. We also wanted to help corporate recruiters and hiring managers reach highly relevant candidates at precisely the right moment,” said Yarden Tadmor, Founder & CEO.
Switch just launched its revenue model, which charges employers on a performance basis. Companies only pay when qualified candidates express interest and apply by swiping right on Switch. Companies pay $99 for 10 applicants or $999 for 150 applicants. Switch is also beta testing a cost per hire model, with companies taking no risk and only paying a flat fee when they make an actual hire, similar to the model of recruiting agencies, but at a fraction of the cost.
Switch is completely rethinking how job seekers and hiring managers engage each other. It replaces the inefficient, frustrating job search process with a fresh, intuitive and engaging mobile experience. Job hunters swipe jobs they like, chat with interested hiring managers then set up interviews. Recruiters can access a large and growing pool of skilled professionals, and invest their time evaluating candidates -- not sourcing them.
Switch was founded in New York City in 2014, dedicated to comprehensively remaking the job search and hiring space via appealing design and intelligent algorithms. The company is led by CEO Yarden Tadmor, who has nearly two decades of experience helping build tech startups including Quigo (acquired by AOL), Dapper (acquired by Yahoo) and Taboola.
SEEK is a Melbourne, Australia based $5B market cap publicly traded company with online employment marketplaces in 19 countries, including majority stakes in leading job boards across China, SE Asia, Latin America and Australia. SEEK has exposure to over 4 billion people in nations representing over 30% of global GDP. Its employment marketplaces receive 375 million visits monthly, with over 3 million job opportunities available at any time and access to 150m plus jobseekers per month.