Simply Hired, a job search company based in Mountain View, California is about to snag some major cash, according to Silicon Valley sources. SimplyHired which till date has raised $4.2 million from founders and Silicon Valley angels like Ron Conway and Kanwal Rekhi, is getting another $8 million from Foundation Capital, sources tell me. This will be the Series C round of financing.
I don’t have any more details, but with total amount of money raised topping $12 million, it doesn’t look like the company is going in for a quick flip. Gautam Godhwani, at Search SIG event was pretty explicit in pointing out that he is not interested in a quick exit. Jobs is a relatively hot market, where a well-funded start-up can compete quite aggressively with the four major players – HotJobs, Monster, CareerBuilder, and Craigslist. The big four collectively are said to have about 30% of the total job listings market. SimplyHired’s competitors include Indeed.com.