The last time we heard from TC50 alum Jibe, it locked up a $10 million Series B from the likes of Longworth Venture Partners (which led the round), Polaris Partners, Lerer Ventures, DFJ Gotham, and Thrive Capital in a bid to make it easier to apply for jobs from smartphones.
This time around, though, Jibe has more money to expand its operations but without having to offer up any equity in exchange — the team recently announced that it’s secured a $4 million credit facility from Silicon Valley Bank as it prepares to flesh out its backend services for enterprise partners looking to hire the right people.
“We’re helping to process hundreds of thousands of applications now,” CEO Joe Essenfeld told me. “But these companies really want to rely on data to see how the application and hiring process differs for different kinds of jobs.” Speaking of hiring, he also noted the Jibe team isn’t complete just yet and that hiring would continue as the company prepares to move into a new office in Greenwich Village.
As it happens, Jibe has already put part of its new plan into motion. Earlier this month it rolled out a suite of backend tools meant for recruiters. If you thought applying for a job was tough, think about what it must be like for the poor recruiter/HR person stuck trying to sift through that pile of applications.
Essenfeld said that three (sadly unnamed) Fortune 1000 companies jumped on the bandwagon when the startup released its recruiter analytics tools, which lets business insiders see where its applicants are coming from, how they stumbled upon the job opening, and how much time they spend on the application. Perhaps most important is the ability to pinpoint the moment those would-be employees give up on filling out their applications, which should give those companies some insight into how to smooth out the onboarding process.