Social Networking Jobs Site Jobster Raises Another $7 Million

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Jobster, the money-burning recruitment-meets-social networking service, has raised another $7 million, on top of the $48 million its previously raised, reports Seattle PI. News that the Seattle-based company was out looking for fresh capital came out in March, along with word that it had lost $11 million in 2007. The latest funding comes from past backers Ignition Partners, Mayfield, Reed Elsevier (NYSE: RUK) Ventures and Trinity Ventures. The company won’t say what the money will go for, but with that big of a loss last year, you can probably do the math.

The company has had run into various challenges: last year it had to lay off 60 employees, and it founder Jason Goldberg stepped down (he’s raised funding and alpha-launched his new social news startup SocialMedian). Current CEO Jeff Seely comes by way of Sharebuilder.

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There's little chance this company survives an economic downturn. Their investors are going to lose this last infusion as they have lost all the capital that's in the business to date.

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