Contingent Search Site Gets $5m in New Funding Round

Fresh off its Inc. ranking as one of the 10 fastest growing HR companies on the magazine’s fast 5000 list, BountyJobs is announcing a $5 million round of financing.

Led by Greylock Partners, the latest financing is coming from the company’s existing investors, which also include Accel Partners and Michigan-based RPM Ventures. BountyJobs said it will use the money to expand software and services support for new and existing customers.

“Despite fragmentation and inefficiency in the contingent search market, companies still spend billions of dollars each year on headhunters in the U.S.” said Dave Strohm, partner at Greylock Partners. “By giving companies a free, streamlined way to find and hire candidates through specialized headhunters, BountyJobs is transforming a major sector of the recruiting market.”

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BountyJobs provides a marketplace for contingent recruitment, connecting companies that have open reqs with vetted recruiters who bid for the jobs. When a deal is struck, BountyJobs handles the paperwork and billing. Even in the touch economy of the last few years, BountyJobs reported it grew from $1.6 million in revenue in 2007 to $16.2 million last year.

John Zappe is the editor of TLNT.com and a contributing editor of ERE.net. John was a newspaper reporter and editor until his geek gene lead him to launch his first website in 1994. He developed and managed online newspaper employment sites and sold advertising services to recruiters and employers. Before joining ERE Media in 2006, John was a senior consultant and analyst with Advanced Interactive Media and previously was Vice President of Digital Media for the Los Angeles Newspaper Group.

Besides writing for ERE, John consults with staffing firms and employment agencies, providing content and managing their social media programs. He also works with organizations and businesses to assist with audience development and marketing. In his spare time  he can be found hiking in the California mountains or competing in canine agility and obedience competitions.

You can contact him here.

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