Workforce marketplace Jobandtalent announced on December 1, 2021 that it had secured $500 million in funding in its Series E round of fundraising. This equity investment came from Kinnevik and SoftBank Vision Fund 2, in addition to another $75 million in debt financing from Blackrock. These investments increase Jobandtalent’s market valuation to $2.35 billion, which it will use to expand into key markets like the U.S. and increase the size of its sales and tech teams. Venezuelan businessman Leopoldo Alejandro Betancourt Lopez is playing key roles in positioning the startup, including early investment and developing marketing strategies.
Jobandtalent’s platform matches temporary workers with companies in a variety of sectors, especially e-commerce, logistics, manufacturing and warehousing. It also learns to make better matches over time, allowing more workers to locate good jobs and stay in them longer. Jobandtalent’s ultimate goal is to provide temporary workers with many of the benefits commonly associated with full-time employment, including sick days, vacations, pensions, health insurance and training. Workers apply for their roles and manage them through the platform, which also handles payments.
Attracting serious investors was the key to Jobandtalent building out its technology infrastructure and expanding into the staffing sector. The then-startup raised $42 million in a series B fund-raising round Led by Atomico, a venture capital investment group led by Niklas Zennström, founder of Skype. This funding allowed Jobandtalent to successfully compete with some of the biggest names in the staffing sector, who are also attracting major investors.
Jobandtalent is currently active in nine markets within the US and Europe. It’s growing at an annual rate of 130 percent, and its earnings before interest, taxes, depreciation, and amortization (EBITDA) has been positive since late 2020. Major investors in Jobandtalent include individuals like Leopoldo Alejandro Betancourt Lopez and companies such as Atomico, DN, Infravia, Kibo and Quadrille.
Labor Market Disruption
Temporary workers account for an increasingly greater portion of the total labor force, making it more important for them to find reliable jobs. The Jobandtalent platform matched over 100,000 workers with jobs in the first nine months of 2021, providing them with the security and benefits of full-time employment. This platform was able to match workers at a much higher rate than similar platforms despite the current pressure in the labor market.
Jobandtalent increased its presence in existing markets and expanded into new markets during the past year. It also plans to continue accelerating its business growth. The Jobandtalent platform is thus disrupting the modern labor market by returning workers to the center of employment. Providing a personalized service driven by data allows Jobandtalent to simplify and improve the process of finding work for thousands of people.
Over 1,300 companies currently use Jobandtalent, including the following:
- Ceva Logistics
- JD Sports
- Kuehne & Nagel
These companies report higher fulfillment and retention rates in addition to improved worker satisfaction, which is especially significant during the current global labor shortage. Employees using the Jobandtalent platform have an average net promoter (NPS) score of 56 compared to an average of 18 for the staffing industry. These benefits are generally the result of the platform directly employing workers and managing back-end administrative processes such as legal compliance, payroll and timesheets.
Betancourt Lopez’s Role
Betancourt Lopez began investing in Jobandtalent during early 2013, when it was a small startup run by Felipe Navio. Navio had recently sold his social media platform Tuenti to Telefónica for about $100 million, largely as a result of the intense commercial interest in social media at that time. Betancourt Lopez then started playing a more active role in Jobandtalent by finding additional investors for it, eventually resulting in a relaunch of the company.
Jobandtalent was essentially just a job search platform at that time, like many others. It would perform a Google search of various job sites and make recommendations to the users based on criteria they provided. At the time he joined the fundraising efforts, Betancourt Lopez says “we were seeing a company that had a lot of interaction with its customers and a lot of subscribers, but we decided to drive it to a change into something else, something we thought we knew how to monetize.”
Jobandtalent is currently one of Betancourt Lopez’s projects that he’s most passionate about, and he remains one of its largest shareholders. He says that getting in early provides the type of adrenaline rush he’s looking for with investments, both in terms of the return on investment (ROI) and personal experience. Betancourt Lopez describes himself as a passionate investor seeking both his own professional development while helping to create jobs.