Jobandtalent, a technology-driven marketplace that connects individuals with companies seeking hourly workers, has secured €92 million ($103 million) in funding. This Series F round includes contributions from investors such as Atomico, BlackRock, DN Capital, Hercules, Infravia, Kibo, and Kinnevik, valuing the company based in Madrid, Spain, at €1.3 billion ($1.5 billion) post-investment.
While initially appearing as a robust funding achievement, this round marks a reduction in valuation for Jobandtalent. The company, which operates in 10 countries across Europe, the United States, and Latin America, previously raised $500 million in a Series E round in December 2021, at which time it was valued at $2.35 billion.
In response to inquiries about the significant decrease in valuation, a spokesperson from Jobandtalent explained to TechCrunch that the new round reflects an adjustment in valuation, aligning with broader market trends, especially within the tech and growth-stage sectors. They emphasized that the financing provides Jobandtalent with sufficient capital to continue its growth trajectory, highlighting the company’s ability to surpass industry trends by effectively integrating AI across its products.
The European startup context may also be influencing this valuation adjustment. Despite recent funding, Jobandtalent has benefited from favorable market conditions in past years, particularly during the COVID-19 pandemic when businesses and workers leaned toward more adaptable working arrangements. This period saw a surge in demand within sectors like e-commerce and logistics, with many roles needing rapid filling, which Jobandtalent successfully facilitated.
Over the years, Jobandtalent claims to have positioned over 300,000 workers in jobs across more than 3,250 companies, focusing on logistics and retail sectors. However, the current European labor market, characterized by a mixture of economic challenges, presents a complicated backdrop. While there is potential for those addressing skills and workforce shortages, diminishing corporate profits and a sluggish Eurozone economy suggest potential difficulties ahead. Additionally, AI’s impact on employment remains uncertain, though there is significant anticipation about its cost-effectiveness for certain job functions.
Jobandtalent finds itself in a unique situation, balancing its reliance on human labor while exploring AI-driven efficiencies. The newly acquired funding will assist in the company’s international expansion and development of AI-powered tools. One such AI agent, Clara, has already conducted 180,000 interviews in a test run with select clients, assisting in 7,000 hires and achieving fill rates comparable to those of thousands of recruiters. Jobandtalent plans to introduce more AI agents this year to take over additional roles traditionally handled by humans.
Co-founder and co-CEO, Juan Urdiales, emphasized that the recent capital infusion supports their shared vision for Jobandtalent’s future. He stated that the platform’s advancements position the company as a fully integrated employment solution, enhancing workforce management for companies while improving productivity, opportunities for workers, and cost savings.
