Hiring and recruitment tech firm Jobvite has raised $8.25 million in a second round of funding. ATA Ventures led the round, with participation from previous backer CMEA Capital; the S.F.-based startup has raised over $15 million in funding since 2007. CEO Dan Finnigan said it will use the new money for tech development, among other things, to help prep for an influx of hiring as “companies gear up for the economic turnaround.”
Jobvite’s software puts the power of social networks to work during the hiring process; companies can create job posts, set up interviews and generate offer letters, as well as automatically have specific job posts routed to their employees’ social networks like LinkedIn. Employees need to give permission, of course; once they do, Jobvite’s platform can automatically select contacts that may be right for a position based on predetermined criteria.
Finnigan said the goal is to reduce recruitment costs while increasing the number of “referral hires” for clients, since employee recommendations often make some of the best new additions to a team.
Companies pay a one-time activation fee, with monthly subscription rates that vary by details like the size of the company, and whether they want Jobvite to power their job/career boards. Clients include new media and tech-centric companies like *TiVo*, Mozilla and 23andMe; Finnigan declined to comment on the startup’s revenue or headcount, but said Jobvite had seen “over 300 percent growth” in customer base year-over-year.