Smedvig Capital invests £8m in job search engine Adzuna
Job search engine, Adzuna, has announced that it has raised £8m from Smedvig Capital. The Series C funding round sees Smedvig join backers Index Ventures, Passion Capital, Local Globe and over 400 Crowdcube investors and takes the company’s total funding to £12m.
Founded in 2011 by the team behind Gumtree, Zoopla and Qype, Adzuna has also launched Find a job this week. Previously known as Universal Jobmatch, the service is one of the UK government’s largest websites, connecting millions of jobseekers with thousands of employers online and through job centres around the country.
Adzuna has grown from its roots in the UK to become one of the world’s leading job search engines, attracting 10m visitors a month across 16 countries, The site generates well over £1m in monthly revenue and has helped hundreds of thousands of people find jobs. With over 5,000 sources of jobs, 7m registered users, millions of CVs, and a recent launch in the United States, including its innovative ValueMyResume tool, the company is on a strong growth trajectory.
Alongside the fundraising, and following a competitive procurement process, the company has this week launched Find a job, replacing Universal Jobmatch. As one of the largest online government services, Find a job connects millions of jobseekers with thousands of employers online and through job centres around the UK. The new website offers a fast, simple experience and powerful search using Adzuna’s technology, matching jobseekers to employers’ available roles quickly and effectively.
The new funding will be used to grow in the UK and internationally and invest in Adzuna’s technology, building on a market-leading search and machine-learning platform that brings together millions of job ads in one place, and adds smart search options and powerful data about the job market. Key priorities for 2018 and beyond include will be expanding the company’s cutting-edge development and data science teams, rapidly expanding the recently-launched US market and growing international operations.
Doug Monro, co-founder of Adzuna, commented: “We are proud of the world-class team and platform we have built at Adzuna, and are well on our way to achieve our mission of helping millions of people globally to find better, more fulfilling jobs. The business is already profitable, but we’ve decided to raise this round to grow even faster. Working with Smedvig has been a pleasure and they were a natural choice for the next stage of our growth. Their particular brand of patient capital delivered by an experienced, analytical team stands out from the boom or bust approach of some other VCs. We look forward to achieving great things together.”
Robert Toms, Managing Director of Smedvig, commented: “We’re delighted to be working with Andrew and Doug, experienced entrepreneurs with great track records. The Adzuna team has achieved a great deal in recent years. It’s fantastic to see them winning an important government contract in the UK at the same time their international expansion is gathering pace. We believe the innovations they continue to bring to the market will change the way people search for jobs, globally.”