Digital staffing platform Jobandtalent based in Madrid, has raised €92 million (roughly $103 million) in a €1.3 billion ($1.5 billion) post money valuation, after successfully completing a Series F funding round. The collapse from its December 2021 valuation of $2.35 billion is a substantial reduction from the changes in tech investment environment in general.
The funding round was backed by Atomico, BlackRock, DN Capital, Hercules, Infravia, Kibo and Kinnevik, amongst many others. Despite the valuation drop, Jobandtalent was being backed by strong financials and the new funding would be used to support strategies such as increasing investments in artificial intelligence.
Jobandtalent was founded in 2009, and company provides a platform, which connects employers with workers on a temporary and hourly basis, across various sector including retail, logistics, transportation and more. The company has offices in 10 countries, including the United States, the United Kingdom, France, Germany and many Latin American markets and has assisted the placement of over 300,000 workers with its client companies in 10 countries.
It is an opportune time, as global tech startups struggle with an economic headwind that leaves them with less funding. And rather than signifying performance-specific issues, the valuation adjustment is due to a trend of naysayers in the later stage tech game, a company spokesperson said. Further, the amount of revenue growth and the amount of users that sign up each year, they argued, served as proof that Jobandtalent operated soundly.
A main aspect of Jobandtalent’s medium-to-long term strategy is implementing artificial intelligence to better hire candidates and to optimise worker job matching. As a way of enhancing employers retention rates, expediting the hiring process, and reducing the time it takes to fill positions, the company has decided to use cutting edge algorithms and machine learning tools.
As global workers adapt to the rapid changes in the landscape, the increase in demand for flexible work options and labor shortages for a variety of occupations, the focus on AI makes sense. This has been noticed even more so during the aftereffects of the COVID19 pandemic, economic uncertainty and changes to the workplace in Europe.
Jobandtalent is a platform that deals with payroll, benefits and employee compliance with the law, acting as an employment agency and corporate employer in one. It inserts the business in a distinct position in a broken labor market by providing a total end to end end plan for employer and worker.
The valuation drop indicates a possible turning point in the company’s trajectory: operational resilience and technology adoption over inflated market cap – even if this makes some people notice. With more businesses relying on automation to solve their human resource problems, the company is laying emphasis on its renewed focus on AI and scalable technology in line with its intention to retain its competitive advantage.
Jobandtalent now has new funds in hand and a worked out plan and is now prepared to go about doing the same flexible tech based staffing for businesses and their employees as they chart a path through the ever changing employment landscape.
