The on-demand job platform from Madrid, Jobandtalent, has netted $250 million debt financing from US-based leading investment banks including Citi, Goldman Sachs (that invested in Kyte recently) and European investor AnaCap Financial Partners.
Takeaways from the round
The fresh financing will allow the platform to facilitate tangible benefits and enhance its foundation for innovative financial products offered to workers. As a part of it, Jobandtalent will be used to enable daily payments and free early access to wages in the coming months. Also, the Spanish job platform expects the financing to assist it in its mission to reshape temporary work and provide the conditions for people to truly thrive.
The debt financing announcement follows a record quarter for growth financing, with Jobandtalent closing a $500 million Series E funding round led by Kinnevik and significant follow-on from existing investors in December 2021, which valued the company at $2.4 billion post-money. The debt financing program supports its global funding strategy and allows Jobandtalent to pursue its ambitious expansion plans to new markets.
The debt financing came after a record quarter for growth financing, wherein Jobandtalent closed $500 million in Series E funding round back in December 2021. This round was led by Kinnevik alongside participation from existing investors and it valued the company at $2.4 billion post-money.
Juan Urdiales, Co-Founder and CEO of Jobandtalent, said: “We stay committed to giving our workers the best possible support within an increasingly flexible work economy. We understand the current market conditions and macroeconomic factors such as inflation can be extremely challenging for them. We believe a lot of our people will benefit from having early wage access and flexible payment options to accommodate their personal finances and cover unexpected costs. We are proud to have been able to raise financing to support this commitment.”
Proprietary job matching technology
Jobandtalent was founded by Juan Urdiales and Felipe Navio in 2009 in Madrid with the objective to break the barriers in job searching and hiring. In 2021, the temporary job platform matched 2,000 international clients in nine countries across Europe and the Americas with over 200,000 people.
The company has created a Workforce as a Service (WaaS) platform, which harnesses the power of technology and data to connect people with a steady stream of work through a managed job platform. Jobandtalent is touted to be among the world’s leading digital temp staffing agency. The on-demand staffing marketplace aims to make the labour market much more fluid and accessible.
Jobandtalent uses a proprietary job matching technology, which has been developed by an elite of team of engineers and data scientists that matches businesses and jobseekers in record time. Besides making the hiring process easier and faster, the company offers businesses the ability to hire in minutes. It offers in-app messaging, scheduling, contract-signing and payroll that helps it radically reduces the time to hire while protecting all parties from legal risk.
Furthermore, the platform intends to scale its platform and offer a full suite of social benefits, including insurance, pension plan, and other perks that are usualy reserved to those in traditional and permanent employment.
