Spain's Jobandtalent -- a "workforce marketplace" and digital temping agency that uses AI to match workers to casual labor gigs in sectors like warehousing, e-commerce and logistics -- has closed a $500 million Series E round of funding led by Kinnevik and with what it bills as a "significant" follow on by SoftBank VisionFund 2.
Existing investors including Atomico, DN, Infravia, Kibo and Quadrille also participated in the round, which the startup said values its business at $2.35 billion (post-money).
Alongside the equity raise, the 2009-founded startup has secured another $75 million of debt financing from Blackrock.
Jobandtalent said the latest funds will be used to accelerate its expansion in key markets, including the U.S. -- its most recent focus. In March, it announced a $120 million Series D (as well as $100 million in debt financing), which it said it would use to enter the U.S.
Flush with Series E cash, it plans to "significantly" increase the size of its tech and sales team over the next two years, and said it will add "key" exec roles as it seeks to scale in the U.S. and deepen its business in Europe.
Currently, it offers a temporary labor service in nine markets globally -- Spain, the U.K., Germany, France, Sweden, Portugal, Mexico, Colombia and the U.S. -- matching workers looking for temp roles with employers in need of casual labor in (with a focus on sectors like manufacturing and logistics).
"Jobandtalent is by far the largest job platform in Europe. We are just starting to grow in the U.S., and this round of funding will help us accelerate those plans and become market leaders there as well," the startup told us.
Its gig-finding pitch also comes with a promise of "stability" for the temps on its books via an AI-aided pipeline of "consistent work," as well as benefits for temps that it said are more akin to being employed and can include pensions, sick and holiday pay, health insurance, and training courses.
Temp workers apply for and manage roles, submit paperwork, sign contracts and get paid via the Jobandtalent app, so it's streamlining and taking over a range of back-office functions for employers dealing with temps, whom it directly employs. In addition, it helps simplify the process of finding work (and, indeed, being paid for it) for those who rely on seasonal and/or temp gigs to earn a living.
The startup touts an average NPS score for workers on its platform of 56, compared with an industry average that it said stands at just 18.
In the first nine months of 2021, Jobandtalent said its platform was used to match more than 100,000 workers to casual roles. (That's up since earlier this year, when it said more than 80,000 workers had used its marketplace to find temporary roles.)
It also said more than 1,300 companies are now signed up to source workers via its platform, including DHL, FedEx, XPO, Ceva Logistics, eBay, IKEA, Kuehne & Nagel, JD Sports, Ocado, Sainsbury’s, Argos and GLS -- up from around 850 companies in March.
Its business growth rate is 130% annually, with Jobandtalent adding that it's been EBITDA-positive since the second half of 2020. It also told us its annual revenue run rate is now more than €1 billion.
"Even with the current pressure in the labor market, we are able to find and match workers with roles at a much higher success rate than others," Juan Urdiales, co-founder and CEO, said in a statement. "We are excited to accelerate the expansion of our team and grow our presence in both new and existing markets -- helping more workers find the jobs they want, and helping businesses fill the roles they need.”
Also commenting on the funding in a statement, Natalie Tydeman, senior investment director at Kinnevik, added: “Jobandtalent’s workforce-as-a-service platform is disrupting the modern labor market and placing people back at the center of employment. By offering a personalized service driven by data and proprietary technology, Jobandtalent is simplifying the experience of finding work for thousands of people and transforming it for the better. We’re proud to be working with Juan and the team to accelerate the growth of the business.”