New York, NY (PRWEB) November 8, 2004
TheLadders.com, the countryÂs largest online job search service catering exclusively to the $100k+ employment market, today announced that it has secured $7.25 million in financing from top venture capital firm Matrix Partners.
TheLadders.com was founded in July 2003 by Marc Cenedella, the former Senior Vice President, Finance & Operations at HotJobs.com, who shepherded that companyÂs sale to Yahoo!, Inc. (NASD: YHOO) in 2002. Now reaching over 170,000 readers and listing over 3,000 new $100k+ jobs each week, TheLadders.com has quickly captured a significant portion of the high-end employment market.
A major driver of TheLadders.comÂs rapid growth and wide acceptance among both job seekers and recruiters has been its business model, which turns the traditional job board model upside-down. The companyÂs revenues are derived not from employers, but from job seekers who pay a monthly subscription fee for premium access to all job listings. Employers and recruiters are able to post jobs free of charge. This distinction enables TheLadders.com to keep unqualified job candidates out of the applicant pool and to provide a greater number of pre-screened, high-end job listings than any other source. The company also maintains a basic job leads newsletter for which it does not charge a fee.
ÂPeople in the higher reaches of the pay scale have traditionally had a very hard time breaking through the clutter of the online job search,Â explained Cenedella. ÂI designed TheLadders.com based on my experience in the Internet recruiting business to address the fundamental concerns of this underserved portion of the job market. With this financing, we will be able to carry that expertise even deeper into the $100k + job market, reaching executives in increasingly specialized industries and around the globe.Â
"Rarely have I seen a company develop such a broad and loyal following so rapidly," said Nicholas Beim, General Partner at Matrix Partners. "For anyone seeking a $100K+ job or simply interested in knowing what high-end jobs are available in their industries and geographical areas, TheLadders.com's newsletters have proven extremely valuable." Under the terms of the agreement, Beim will join the board of directors of TheLadders.com.
About TheLadders.com, Inc.
Based in New York, Ladders.com, Inc. is a privately held company offering online job search services to the $100k+ employment market. The company operates specialized job search Web sites for the sales (http://www.salesladder.com), marketing (http://www.mktgladder.com), finance (http://www.financeladder.com) and HR, legal and operations (http://www.upladder.com) industries, produces a series of industry-specific, weekly e-newsletters, and maintains the worldÂs first customer service blog (http://askmarc.salesladder.com/). The company also produces an electronic newsletter providing job market insights and data to executive recruiters (http://www.recruitladder.com). Backers of TheLadders.com include Matrix Partners and a group of private investors including the following individuals: Kevin Ryan, CEO, DoubleClick (NASD: DCLK) and Board Director, HotJobs.com; Tom Matlack, Megunticook Management; and Robert Chefitz, NJTC Venture Fund. More information on the company can be found online at http://www.theladders.com.
About Matrix Partners
Since its inception in 1977, Matrix Partners has been dedicated to helping outstanding entrepreneurs build industry-leading technology companies. With offices in the two major technology centers - Boston and Silicon Valley - Matrix has developed an exceptionally strong network of contacts and entrepreneurial know-how. Companies that have gone public out of the Matrix portfolio, where Matrix played a founding role, have generated well over $100 billion of market value. These include Veritas (Nasdaq:VRTS), Tivoli (acquired by IBM), ArrowPoint Communications (acquired by Cisco), Alteon Web Systems (acquired by Nortel), Phone.com (Nasdaq: PHCM), SilverStream Software (acquired by Novell), Sonus Networks (Nasdaq: SONS) and Sycamore Networks (Nasdaq:SCMR). Matrix has enjoyed one of the highest rates of return in the industry over the past 20 years. Matrix Partners is online at http://www.matrixpartners.com.
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